The Council of Ministers has recently issued a pivotal decision unveiling revised criteria for foreign nationals aiming to secure permanent residency through investment. These revisions, spearheaded by the Minister of Interior, have been meticulously crafted to rectify deficiencies in the existing regulations.

Taking effect from May 2nd, 2023, the steadfast requirement of a minimum investment of €300,000 persists across four distinct categories: investment in residential properties, real estate ventures (excluding residential properties), share capital of a Cypriot company engaged in local activities, and shares of a Cyprus Investment Organization for Collective Investments.

However, noteworthy adjustments have been implemented concerning the prerequisite annual income. Applicants, alongside their families, must now substantiate a minimum annual income of €50,000, a notable increase from the previous threshold of €30,000. Additionally, tailored income benchmarks have been established for dependent spouses and children, mandating €15,000 per dependent spouse and €10,000 per dependent child.

Proof of income must derive from various sources such as salaries, pensions, dividends, interests, and rents earned abroad, and will be meticulously scrutinized through the applicant’s tax returns from their designated tax residency country.

While eligibility remains intact for spouses and children below 18, unmarried children aged 18 to 25 may also qualify if they are enrolled as overseas higher education students, contingent upon the applicant demonstrating an additional annual income of €10,000 for each dependent.

The revamped regulations introduce stricter criteria for extending permanent residency to the investor's immediate relatives. Previously, a €300,000 real estate investment sufficed to secure residency for parents and in-laws. However, the revised stipulations now mandate additional adult family members to meet the same investment threshold.

Moreover, applicants are mandated to annually furnish evidence to the Civil Registration and Migration Department, attesting to the sustained investment, declared income, and possession of health insurance, if not enrolled in the General Health System (GESY). Additionally, annual provision of clean criminal record certificates from both the applicant's country of origin and current residence is mandatory.

For comprehensive details, the official announcement by the Civil Registry and Migration Department, available in Greek, can be accessed via the following link: Civil Registry and Migration Department Announcement