Revised criteria for Fast Track Residence Permit application in Cyprus

The recent revision of criteria for third country nationals investing in Cyprus was announced alongside other changes to the country's migration policy. Interior Minister Constantinos Ioannou stated that the changes were necessary to address weaknesses in the existing criteria. Effective May 2, the new rules impact third country nationals who become naturalized as a result of their investments in the country. The minimum investment threshold remains at €300,000 in property or in a Cyprus-based company employing at least five people.

One significant change is that applicants must annually demonstrate that they have maintained their investment and have a required income for themselves and their family. The minimum annual income has been increased from €30,000 to €50,000. The revised rules also make it more difficult to extend permanent residency status to an applicant's relatives. Under the old system, a €300,000 investment in property was sufficient to obtain permanent residency for parents and in-laws. However, under the new rules, only adults who have invested the same amount will be granted permanent residency.

Spouses of investors can be naturalized if they demonstrate an annual income of at least €15,000 per year. The process of approving applications will take two months, and a fee of €500 plus €70 for every dependent must be paid. All applicants must have a clean criminal record.

While naturalization through investment applications are fast-tracked, the backlog of permanent residency applications has caused problems due to parliamentary delays. The interior ministry has submitted new regulations for discussion and approval by parliament, but these have not yet been reviewed. The regulations aim to streamline the process of obtaining permits for employees, self-employed individuals, and those living off savings earned abroad.

Under the existing legal framework, applicants must demonstrate they have purchased or rented property in Cyprus, with no specific value requirement. The minimum annual income must be at least €9,568, with an additional €4,613 for each dependent. Those with earnings from abroad must have €15,000 to €20,000 in their Cypriot bank account.

The new rules awaiting parliamentary approval include a requirement that self-sustained migrants (those who do not wish to work in Cyprus) must have an annual income of €40,000, plus an additional €10,000 for each dependent. They must also own a suitable home valued at €250,000. Self-employed persons must possess the necessary qualifications to work in their field and sufficient capital, as determined by the Cabinet. Their work must also benefit Cyprus and align with its development goals, without creating unfair competition in the local labor market. Those seeking an immigration permit through a job must have an approved employment contract and not create unjustified competition in their field.