We are delighted to inform you of the revised criteria for the Cyprus Permanent Residency Programme, which will establish it as one of the most competitive real estate investment programmes in Europe. The new revisions to the Permanent Residency Programme will come into effect as of the 22nd February 2016.
Please see below a summary of the revised criteria:
A) Investment Criteria
a) A couple (husband and wife) may purchase in total:
i) up to 2 (two) residential properties or
ii) a residential property and a shop up to 100 sq. metres or
a residential property and an office up to 250 sq. metres
b) The properties could be separate (not connected/joined) from each other and purchased from the same land development company
c) The properties must be new and purchased only from a land development company
A) Criteria for acquiring Permanent Residency Remit by dependents
a) A Permanent Residency Permit is issued to an applicant and his/her spouse as well as to their dependent minor children. In case they wish, two separate Permanent Residency Permits can be issued for each spouse without the requirement for the dependent spouse to purchase a property or deposit €30,000 into an account. It is understood that a separate Permanent Residency Permit application should be submitted for the dependent spouse. The minor children can be added as dependents in both their parents Permanent Residency Permit applications.
b) Single children from 18-25 years old and financially dependent, who prove to be students for at least six more months from the date the application is submitted, they may apply to obtain the “for so long” Permanent Residency Permit for themselves, without the need to invest in additional real estate. In this case the parents will need to prove additional income of at least €5,000 for each dependent child. The Permanent Residence Permit will still remain valid even after the Permanent Residency holder turns 25 years and even if he/she is no longer single and/or a student and/or financially dependent on his/her parents. However, it is understood that their future spouse and children will not be entitled to obtain the Permanent Residency Permit.
c) In case an adult child is a student in a University in the Republic of Cyprus, then a temporary residence application should be filed with the Immigration Department based on the Regulations imposed by the European Union so that they obtain a temporary residence permit as students. After the adult child finishes his/her studies in Cyprus, he/she can submit his/her own separate Permanent Residency Permit application for obtaining the “for so long” status as mentioned above, regardless of their age, with the only requirement being that the parents show an additional annual income of €5,000.
d) The parents of a couple (of both husband or wife) who applied or they are already in possession of the Residence Permit, are also entitled to acquire the Permanent Residency Permit without investing in additional real estate. The couple must prove additional income of at least €8,000 for each dependent parent . A separate application must be submitted for each dependent parent.
e) If the Principal Beneficiary of the Permanent Residency Permit passes away, then his/her spouse and dependent children may apply to acquire the Principal’s Permanent Residency Permit without investing in additional real estate.
f) Any individuals who acquired the Permanent Residency Permit without having to invest personally in real estate or depositing money in a Cypriot bank account (Euro 30,000), will not be entitled to include on their own Permanent Residency Permit their spouses, children or parents.
B) Other criteria
a) All members of a Permanent Residency Permit are obliged to visit Cyprus at least once every 2 (two) years.
b) A Permanent Residency Permit application will be examined and approved or rejected within 2 (two) months from the date of submission.