A Comprehensive Guide to Cyprus Permanent Residency

The legislation governing the issuance of immigration permits for third-country investors for Cyprus permanent residence applications has undergone notable revisions by the Cyprus Civil Registry and Migration Department. These changes entered into force on 2 May 2023.

Things to Know About the Newly Revised Cyprus Fast-Track Permanent Residence Procedure 6.2

To apply for permanent residence in Cyprus, you need to purchase a property of a minimum of €300,000 + VAT.  To qualify, the main applicant needs to provide evidence of an annual income of at least €50,000 (previously €30,000), which must be supported by a tax return from their country of tax residence.

Moreover, there is a requirement of a minimum annual income of €15,000 (€5,000 before) for the applicant’s spouse and €10,000 (€5,000 before) for each of the applicant’s underage child. Any unmarried children aged between 18 – 25 years old, must prove that they are students in an institution of tertiary education abroad and that they are financially dependent on the applicant. The applicant or their spouse or jointly need to present an additional annual income of €10,000 for each dependent child included in this category.

Another significant change applied to the Fast-Track Cyprus Permanent Residency Program is that the applicant’s parents and in-laws are no longer considered dependent family members and are not entitled to permanent residency unless they invest in Cyprus themselves.

Additional Information

• Validation of the investor’s annual income must only be proven through a tax return from their country of tax residence.
• Although applicants do not have to live in Cyprus, they must visit Cyprus once every two years.
• The processing and review of applications typically take around 2 months, although the timeline may vary depending on the volume of applications received.
• A €500 fee comes with every application as well as €70 for every individual included in the application.