By: A.G. Paphitis & Co Law Firm
This is an announcement regarding the 4th revision of the Permanent Residency of the Cyprus PR which came into effect between May 2nd – May 17th 2023, whereby the following important changes have been noted:
- Money or funds which have derived from abroad and which will be used to pay for the required local real estate investment, can also come from a bank account of a company of which the applicant and/or his/her spouse are the sole shareholders, provided that the shareholder will be included in the application of the Permanent Residency. The same applies to the amount of the value of the investment to be paid into the seller’s account in a Cyprus financial institution.
- The applicant’s annual income can be proven either through his tax return from the country in which he declares tax residence, or through official certifications from an independent chartered accountant.
- For the verification of compliance with the criteria and maintenance of investment, the requirement for annual submission of evidence that the applicant maintains the income determined for him and his family members, has been removed.
- The applicant and his adult family members are required to provide a three-yearly certificate of a clean criminal record from their country of origin and country of residence, instead of annually.
- The requirement for the applicant to provide evidence of the maintenance of their investment on an annual basis, as well as that the applicant and their family members hold a health insurance certificate in the event that they do not continue to be beneficiaries of GESY continues to apply.
- The documents accompanying the application should be duly translated and certified.
Duration of the Permanent Residency License
The right of residence granted upon approval of the application to the investor and his adult dependent family members is of unlimited validity. However, the residency permit (card) has an expiry date 10 years from its issue and it must be replaced upon expiry.
The residence permit issued to the minor dependent members of his family is valid until they reach the age of majority (18 years).
For all of your enquiries regarding permanent residence and all other immigration related matters, please contact us at agp@agplaw.com All enquiries will be treated with the outmost discretion and confidentiality.
The information provided by A.G. Paphitis & Co. LLC is for general informational purposes only and should not be construed as professional or formal legal advice. You should not act or refrain from acting based on any information provided above without obtaining legal or other professional advice.
