On the 27th April 2023, the Cyprus Civil Registry and Migration Department, announced new and revised criteria for the submission of Permanent Residence Permit (PRP) applications based on the provisions of Regulation 6(2) of the Aliens and Immigration Regulations as from the 2nd of May 2023 and onwards.
Previous criteria will only be applicable, for all and any agreements lodged at the Land Registries between the 01/01/2023 and until the 28/04/2023.
Main amendments made, which are effective as of the 02/05/2023, can be found below:
- For the submission of the application the amount of at least €300,000 + VAT must be paid to the seller regardless of the date of delivery of the property. Relevant receipts should accompany the submission of the application.
- The funds made on the investment, must derive from the bank account of the main applicant or his/her spouse, provided that the spouse is included as dependant to the application.
- The main applicant must prove a secured annual income of at least €50,000. The annual income is increased by €15,000 for the spouse and €10,000 for each minor child of the applicant and/or his/her spouse.
- The secured annual income of the main applicant can only be proved through his tax return from the country in which they have declared as tax resident.
- For the submission of the PRP application, all adult applicants must provide a clean criminal record from their Country of origin and their Country of residence – in case it differs.
- All family members must provide a health insurance certificate for medical treatment, covering inpatient and outpatient care.
- The real-estate property used as investment for the submission of the PRP application and declared as the permanent residence of the family, must show sufficient space/rooms to satisfy the needs of the main applicant and his/her dependent family.
- As dependent family members, the main applicant can only include his/her spouse, minor children and adult children up to the age of 25 who are students and/or financially dependent to the main applicant.
- Parents and/or parents-in-law cannot apply as dependent family members.
Once the applicant is approved by the Civil Registry and Migration Department, they are required to submit (to the Civil Registry and Migration Department) - and on an annual basis - evidence that they maintains the real-estate investment, required income determined upon application and of an updated health insurance certificate for all family members, in case they do not continue to be beneficiaries of GHS/GESY (General Health System).
Furthermore, the applicant and rest of adult family members, are required to provide an annual certificate of a clean criminal record from country of origin, as well as from country of residence – in case it differs.
For further assistance and information, please do not hesitate get in touch with your usual contact person.