Great News for Cyprus Permanent Residency Seekers

The Council of Ministers has revised the Cyprus Fast Track Permanent Residency Scheme under Regulation 6.2 (“Cyprus PR”), making the Cyprus PR even more attractive to potential investors.
The investment criteria continue to be in place, therefore, applicants who wish to acquire the Cyprus PR must satisfy the following:-

  • Purchase property of value €300,000 Plus Vat
  • The property must be new and not a resale
  • Have a 3 year fixed term deposit in a Cyprus financial institution
  • Show income of €30,000 plus €5,000 for every dependent person.

The new positive changes are the following:-

  • Dependent Parents of the applicant and/or his spouse can now obtain the Cyprus PR provided that the applicant can show income of €8,000 for every dependent parent.
  • Dependent Children of the applicant who exceed the age of 25 years old retain the Cyprus PR irrespective of their status in life.
  • Previously the Spouse of the applicant was only allowed to qualify as a dependent; now the spouse can obtain independently the Cyprus PR without satisfying any additional financial criteria.
  • Existing Cyprus PR Holders can submit the relevant application and benefit from the above mentioned positive changes.

The new positive changes have been published in the Official Gazette and are in effect as of the 22nd of February 2016.

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