A Comprehensive Guide to the Updated Criteria for Cyprus Permanent Residency
On April 27, 2023, the Civil Registry and Migration Department (CRMD) of the Republic of Cyprus announced new requirements for submitting Permanent Residency (PR) applications under Regulation 6(2) of the Aliens and Immigration Regulations, effective from May 2, 2023. Under Regulation 6(2) non-Cypriot, non-EU nationals can obtain the right to enter and permanently reside in Cyprus without limitations provided they meet certain criteria. For Sale Agreements filed at the Department of Lands and Surveys between January 1, 2023, and April 28, 2023, the previous criteria will remain applicable during the application examination.
Key Amendments to Regulation 6(2) Criteria Starting May 2, 2023
- Payment Requirements: A minimum payment of €300,000 (+ VAT) must be made to the property developer, irrespective of the property delivery date. The application must include relevant payment receipts.
- Source of Investment Funds: The investment funds must originate from the main applicant’s bank account or their spouse’s account, as long as the spouse is a dependent on the application.
- Annual Income Requirements: The main applicant must demonstrate a secured annual income of at least €50,000. This amount increases by €15,000 for the spouse and €10,000 for each minor child.
- Proof of Secured Annual Income: The main applicant’s secured annual income can only be verified through their tax return from the country where they claim tax residency.
- Criminal Record Check: All adult applicants must provide a clean criminal record from both their country of origin and their country of residence, if different.
- Health Insurance: All family members must hold a health insurance certificate covering inpatient and outpatient care.
- Property Specifications: The investment property, declared as the family’s permanent residence, must have enough bedrooms to accommodate the main applicant and their dependents.
- Eligible Dependent Family Members: Only the main applicant’s spouse, minor children, and financially dependent adult children (up to age 25) who are university students can be considered as dependent family members. Parents and parents-in-law are not eligible.
Post-Approval Obligations for PR 6(2) Applicants
After the PR 6(2) application is approved by the CRMD, applicants must annually submit proof of maintaining the investment, required income, and health insurance for themselves and their family members. Furthermore, the main applicant and adult family members must provide an annual clean criminal record certificate from their country of origin and residence, if different.
Conclusion
In summary, the recent changes announced by the Civil Registry and Migration Department of the Republic of Cyprus have introduced new requirements and criteria for PR 6(2) applications, which can significantly impact those seeking permanent residency. Applicants must be aware of these updates, including the financial, property, and documentation requirements, as well as the post-approval obligations to maintain their residency status. By understanding and adhering to these new guidelines, applicants can navigate the PR 6(2) application process more smoothly and improve their chances of securing permanent residency in Cyprus. As always, seeking guidance from a reputable law firm with expertise in immigration matters can be invaluable in navigating this complex process.
