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Changes in the conditions of the permanent residence program in Cyprus

The Cabinet of Ministers of Cyprus has approved amendments to the program of permanent residence by investment. When the new rules of the program will come into force, it is not yet known. According to the new rules, the minimum annual income of investors wishing to obtain permanent residence in Cyprus must be 50,000 €, which is an increase in requirements compared to the previous amount of 30,000 €. Moreover, if the applicant is a spouse, 10,000 € will be added to this amount, and 5,000 € for each minor child.

However, parents and adult children will not be included in the permanent residence application and require a separate immigration permit as well as a separate minimum investment of €300,000. The investment options and the minimum amount of €300,000 remain the same. Investors can purchase residential or commercial real estate, shares or securities in Cyprus. In return, investors receive permanent residence in Cyprus for five years, and after that they can apply for citizenship.