On the 27th April 2023, the Civil Registry and Migration Department announced the new amended requirements for the submission of applications for permanent residence permit Reg. 6(2) to be submitted on the 02/05/2023 onwards.
The main amendments to the criteria effective as of the 02/05/23 are:
- Purchase of a new property of at least €300,000 (+ VAT) must be paid to the Developer in full regardless of the date of delivery of the property to the buyer. Relevant receipts should accompany the submission of the application.
- The funds of the investment to be deposited to the Cyprus bank account of the applicant must come from the main applicant’s account abroad or his spouse’s account provided that the spouse is included as dependant to the application.
- The main applicant must prove secure annual income of at least €50,000 instead of €30,000 that previously applied. Similarly, the annual income is increased by €15,000 for the spouse and €10,000 for each minor child of the applicant.
- The secure annual income of the main applicant can only be proved through his tax return from the country in which the applicant is registered tax resident.
- Clean criminal certificate from the country of origin and country of residence if different is required for all adult applicants.
- All dependent to the main application must provide also Health Insurance Certificate for medical treatment covering inpatient/outpatient care.
- The property that will be purchased and declared as permanent residence in Cyprus must consist of sufficient bedrooms to satisfy the needs of the main applicant and his/her dependent family members.
- No parents and or parents-in-law are accepted as dependent family members. As depended family members, the main applicant can include only the spouse, minor children below the age of 18 and adult children up to the age of 25 who are university students and financially dependent to the main applicant.
Upon approval of the PR6(2) application by the Civil Registry and Migration Department, the applicant must provide to the department on an annual basis the following:
- Evidence that the property investment is maintained (immovable property tax, electricity/water bills)
- The required income deriving from abroad is maintained by the applicant that permits him to support himself and family residing in Cyprus without taking up any employment in Cyprus.
- Proof of a valid health insurance certificate in case the applicant and dependents are not registered to the GESY/GHS (General Health System).
- Clean criminal record for applicant and adult dependants from country of origin and country of residence.
For more information on the matter, please contact Andreas Parparinos at [email protected].