ITS OFFICIAL! NEW CRITERIA FOR THE SUBMISSION OF PERMANENT RESIDENCY UNDER 6(2)
MAIN POINTS
The Civil Registry and Migration Department of the Republic of Cyprus announced on the 27/04/2023 new requirements for the submission of PR 6(2) applications to be submitted on the 02/05/2023 onward.
At the same time the CRMD announced that for all Sale Agreements lodged at the Department of Lands and Surveys between the 01/01/2023 and until the 28/04/2023 the previous criteria will be applicable for the examination of the application.
Below are the main amendments to the criteria effective as of the 02/05/2023:
• For the submission of the application the amount of at least €300,000 ( + VAT) must be paid to the Developer regardless of the date of delivery of the property. Relevant receipts should accompany the submission of the application.
• The funds of the investment must come from the Bank Account of the main applicant or his/her spouse provided that the spouse is included as dependant to the application.
• The main applicant must prove secured annual income of at least €50,000. The annual income is increased by €15,000 for the spouse and €10,000 for each minor child of the applicant and/or his/her spouse.
• The secured annual income of the main applicant can ONLY be proved through his tax return from the country in which he declares a tax resident.
• For the submission of the application all adult applicants must provide Clean Criminal Record from their country of origin AND their country of residence in case it differs.
• All family members must provide Health Insurance Certificate for medical treatment covering inpatient and outpatient care.
• The property that will be used as the investment for the submission of the application and will be declared as the permanent residence of the family must have sufficient bedrooms to satisfy the needs of the main applicant and his/her dependent family.
• As dependent family members, the main applicant can include ONLY his/her spouse, minor children and adult children up to the age of 25 who are university students financially dependent to the main applicant. No parents and/or parents-in-law are accepted as dependent family members.
Once the PR 6(2) application is approved by the Civil Registry and Migration Department, the applicant is required to submit to the Civil Registry and Migration Department, on an annual basis from the date of obtaining the Immigration Permit, evidence that he maintains the investment, that he maintains the required income determined for him and his family and that he and his family members are holders of a health insurance certificate, in case they do not continue to be beneficiaries of GHS/GESY (General Health System). In addition, the applicant and his adult family members are required to provide an annual certificate of a clean criminal record from country of origin, as well as from country of residence.
