New Regulations for Obtaining Residency by Investment in Cyprus: Increased Income Requirements and Revised Eligibility Criteria
On May 2, 2023, new criteria for obtaining residency in Cyprus came into effect. The key factors that need to be met for residency now include investments and income.
The investment threshold remains unchanged at €300,000 for real estate or business ventures. However, a new requirement has been introduced, mandating the annual confirmation of the applicant’s continued ownership of the property or business.
In contrast, the minimum annual income has been raised, with each applicant now needing to demonstrate an annual income of no less than €50,000 (previously €30,000). For children, the requirement is €10,000 (up from €5,000), and for spouses, it is €15,000.
Furthermore, residency permits will now only extend to immediate family members, including children under 18 and spouses. Parents of the applicant or the applicant’s spouse have been excluded from the list of immediate family members.
Children aged 18 to 25 can still be eligible, provided they are enrolled in education and have no independent family status.
It is worth noting that the documentation process takes approximately 2-3 months, and a fee of €500 is charged per applicant, with an additional €70 fee for each child or dependent.
These new regulations reflect changes in the residency by investment program in Cyprus and should be carefully considered when planning investments and residency on the island.