Amendments to the Residency Permit
The council of Ministers of the Republic of Cyprus has approved amendments on the fast track residency program under Regulation 6(2) of the Civil Registry and Migration law and Regulations.
Financial Criteria
Minimum Income
The main applicant has to prove that his/her minimum annual income is €50.000 instead of €30.000.
Additional minimum income for the spouse of the main applicant must be €15.000 per annum instead of €5.000
Additional minimum income for every minor child of the main applicant must be €10.000 per annum instead of €5.000
Proof of Income
Proof of income must be by means of tax clearance from the country of origin
Other requirements will be put in place and will be announced very soon.
Continuous Monitoring
The investor shall be obliged to provide proof of income on any annual basis as well as proof of the fact that he/she maintains the investment in Cyprus.
Additionally and all adult members of the family have a clean criminal record.
Where the applicant will be unable to provide the requested verifications on an annual basis the residency will be revoked for the applicant as well as the family members.
Family Members
The eligibility of the parents and adult children of the applicant to obtain residency under the main applicant’s application is no longer available. Separate investments need to be made and a separate applications will need to be filed for any such members of the family.
Existing Criteria
All other requirements of the program remain the same.
Time of effect of amendments
The amendments have become valid with immediate effect