On 27 May 2022, the Cabinet of Ministers approved the list of amendments to the regulations governing immigration permits for third country nationals by virtue of The Aliens and Immigration Law (Cap. 105) and The Aliens and Immigration Regulations.
The amendments concerning self – employed foreigners, employed foreigners, foreign investors and foreign investors with sufficient means have not been approved by the Parliament yet but are expected to be enacted into law by the end of 2022.
The following categories of foreigners will be affected by the new amendments, specifically:
a) Third Country Nationals with sufficient financial sources (Category F): persons who possess and have fully and freely at their disposal a secured annual income, high enough to give them a decent living in Cyprus, without having to engage in any business, trade or profession.
• Before the proposed changes, to obtain Category F, an investment in real estate of at least €100.000 (plus VAT) should be presented and the required yearly income starts from €9568 for one applicant plus €4613 for each dependent person.
• The recent changes raised the amount of investment in real estate, specifically in the privately owned house for residence purposes, to at least €250,000 and to hold at their disposal a secured annual income of €40,000, increased by €10,000 for each additional member of the family.
b) Self-employed foreigners, i.e. persons who intend to be self-employed in a business or profession or science in the Republic, provided that the certain conditions are satisfied:
• They possess the qualifications for the pursuit of that profession or science or for the operation of that particular undertaking (this area is pending for a further clarification).
• They hold sufficient financial means for this purpose, the amount of which shall be determined the Council of Ministers.
• All obligations should be settled to the Social Insurance Services and the Tax Department.
• This employment should benefit the Republic (more information will be available soon).
This covers Categories of Immigration Permits: A, B, C, D.
c) Employed Foreigners (Category E).
d) Foreign Investors: concerns foreigners, who have made significant investments in Cyprus with the sources derived outside of the Republic. The further definitions and clarifications will be provided once the reforms will be enacted in the law.
IBCCS TAX – we are at your disposal
We are here to assist you with the application for any Immigration Permit upon your request before the new changes will come officially into force.
For further enquiries, please contact us by email on [email protected]ibccs.tax or call our office in Cyprus on +357 222 58 777.