The Interior Minister of Cyprus announced that there will be new rules to the permanent residency status.
As of 2 May 2023, the new rules affect third country nationals who are naturalised as a result of investments they make into the country.
The minimum investment remains unchanged at €300,000 in property or in a company based in Cyprus employing at least five people.
A key change in the new rules is that applicants are required to prove on an annual basis that they have maintained their investment as well as meet the bar of a required income for themselves and their family.
The applicant must show an annual income of at least €50,000 per year.
The spouse of the investor can receive permanent residency as can their children if they are under the age of 18.
Spouses of the investor can be naturalised if they can show an annual income of at least €15,000 per year.
Unmarried children aged between 18-25 can obtain permanent residency if they can prove they are in higher education and their parents can present an additional €10,000 for every dependent.
For more information and for assistance with your application process, please contact us on info@fhsenterprises.eu.
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