By: Chambersfield Economides Kranos
On April 21, 2023, the Council of Ministers made a decision to revise the criteria for granting Immigration Permits to third-country nationals who wish to invest in Cyprus under Regulation 6(2) of the Aliens and Immigration Law Cap. 105. The amendment aims to strengthen the real estate market and the overall Cypriot economy, necessitating a reassessment of certain provisions.
While the investment amount remains the same, new control mechanisms have been introduced to ensure that applicants maintain their investment permanently. The revised provisions focus on implementing stricter controls and verification processes for proposed investments made by third-country nationals seeking the relevant permit.
Applicants will now be required to provide annual evidence demonstrating the retention of their initial investment and the ability to meet the necessary income requirements for themselves and their families. The annual income thresholds have been adjusted, with €50,000 now required for the applicant (previously €30,000), €10,000 for each minor child (previously €5,000), and €15,000 for the spouse. Failure to provide the necessary documents will result in the cancellation of the immigration permit.
Additionally, adult applicants must submit a clean criminal record from both their country of origin and their country of residence (if different). Another new requirement is that all family members must provide a health insurance certificate covering both inpatient and outpatient care.
The amended criteria also state that the property in question must have sufficient bedrooms to accommodate the family and must be declared as their permanent residence.
It should be noted that, according to the amendments, parents, in-laws, and adult children above the age of 25 who are not students are no longer eligible for dependable permits.
The new criteria will be effective from May 2, 2023. The Civil Registry and Migration Department clarified that applications and sale agreements submitted between January 1, 2023, and April 28, 2023, will be assessed according to the previous criteria.
