As from May 2, 2023, new rules came into effect for any third-country nationals who wish to obtain an expedient permanent residence because of their investments in Cyprus.

The minimum investment remains unchanged at €300,000 + VAT in a newly built property or in a company based in Cyprus employing at least five people.

Basic change in the new rules, is that applicants are required to prove on an annual basis that they still own their investment as well as meet the criteria of an annual income for themselves and their family.

The applicant must show evidence of an annual income of at least €50,000 per year (before the changes it was €30,000).

Furthermore, an additional income of dependent children will be needed in the amount of €10,000 per year (before was € 5,000.00) and for the spouse of the applicant € 15,000.00 (before it was €5,000.00).

As a new change, the applicant will not be able to obtain a permanent residence for his parents and / or for his parents-in-law with the same investment. Now any other adult needs to invest in a property for the above-mentioned amount to be able to apply and obtain a permanent residence.

All the applications which have been submitted to the Migration Department of Cyprus before 28 April 2023, will be proceeded based on the old criteria. All the contracts of sales that were submitted to the Land Registry after this date, will be considered based on the new rules.

Although the applicants do not have to reside in Cyprus, they must visit Cyprus once per two years.

Applications will be approved by the interior minister within 6-9 months.