Revised Changes to Permanent Residency to Cyprus
TEG Consultancy would like to inform our clients and investors about the recent changes to the Permanent Residency program in Cyprus. The Ministry of Interior of Cyprus submitted reforms to the Criteria for granting Permanent Residency to Investors under Category 6.2, which the Council approved of Ministers. These changes were made to “shield the process and eliminate observed weaknesses.”
One of the significant changes is that applicants will now be required to provide evidence annually, proving that the initial investment is maintained and and continue to receive the required income determined for them and their families. Failure to provide the necessary documents will cancel the immigration permit for the applicant and their family.
Additionally, the required annual secure income of the principal applicant has been increased from €30,000 to €50,000. For each minor child, the necessary certain yearly income has been increased from €5,000 to €10,000 and for spouses, it has been increased from €10,000 to €15,000.
Permanent Residency to Cyprus - CHECK YOUR ELIGEBILITY
It is important to note that with this revision, the principal applicant’s parents, parents-in-law, and adult children can no longer be granted Permanent Residence as dependents.
There are rumours that these changes will come into effect on the 2nd of May. However, as soon as the changes are officially published, we will provide our clients and investors with more details.
TEG Consultancy advises all clients and investors to take note of these essential changes to the Permanent Residency program in Cyprus. We will continue monitoring the situation and informing our clients of any further updates.