New Immigration Rules for Investment Visa in Cyprus

On 2nd of May 2023, in accordance with the Regulation 6.2 of the Alien and Immigration Regulations, the new requirements for the investment scheme have been officially adopted after the revision by the Council of the Ministers.

Category 6.2 (Fast Track Residence) is a permanent residential permit which can be obtained through the investment in the brand new real estate or the shares of the company of the amount of 300,000€ plus VAT.

One of the changes concern the annual income of the applicant, which should be evidenced to be at least €50,000, up from the previous €30,000. The annual income is increased by 15,000 euros for the spouse and 10,000 euros for each minor child of the applicant and/or his/her spouse.

Moreover, if before the amendments the main applicant could extend the permanent residency to his parents and parents in law, now, however, it is not allowed to include in the application anyone, except of the minor children or spouses or those children below 25 years, who can prove the dependency on the applicant.

Also, the particular focus was given to the property aspect. The property that will be used as an investment when applying and will be declared as a permanent residence of the family must have enough bedrooms to meet the needs of the main applicant and his/her dependent family.


UPDATE AS PER THE ANNOUNCEMENT PUBLISHED ON 17th of May 2023 by The Civil Registry and Migration Department 

The announcement provides as follows:

1. The funds that shall be used for the investment must emanate from abroad. Such funds can now emanate not only from the personal bank account of the applicant/spouse but also from a corporate account of a company in which the applicant /spouse are sole shareholders.

2. The annual income can be proven either by the tax declarations of the applicant in the country in which he/she are tax residents or now can be proven by an official confirmation/declaration by an independent chartered accountant.

3. The obligation of the applicant to prove the required annual income on an annual basis has been abolished.

4. The applicant and adult children need to provide clean criminal records from their country of origin and residence every three years and not on an annual basis.