Recently, changes were made by the Cypriot government to some Immigration Law articles concerning permanent residency.
These changes included:
Previously only dependents under the age of 18 were allowed to be included with the candidate’s permanent residency application. After the recent amendments the Cypriot government will now allow dependents between ages 18-25 to be included in permanent residency applications if they are able to provide a relevant educational certificate e.g. College/university. The changes added that the dependents will be able to keep their permits even after they turn 25.
The candidate applying for permanent residency in Cyprus is now able to include his/her parents in the application. The parents are now able to apply for permanent residency in Cyprus if the main applicant can prove that he/she has additional funds of €8,000.
Applicants who hold a Cypriot permanent residency are able to bring their dependents to study in Cyprus. The dependents will be given a study visa in Cyprus and will late be eligible for a Cypriot permanent residency.
These changes make it easier for investors who are considering immigration to Europe and also considering other factors such as immediate family and dependents. The applicant is now able to include most the dependents in the application which makes mobility or immigration to another country much easier.
Cyprus permanent residency financial requirements however are still the same and there have been no changes in terms of these requirements. The immigrant investor should:
Have a minimum amount of €30.000 which he/she needs to deposit in a financial institution in Cyprus.
Have a secure annual income (or together with his spouse) of at least €30.000 transferred to a bank account in Cyprus from abroad, this annual income should increase by €5.000 for every dependent person (children under the age of 18).
The applicant and/or his spouse should purchase a property or other buildings:
- Two residences (apartments or houses), OR;
- A residence and a shop, OR;
- A residence and an office.
The property purchased should worth at least €300.000 (excluding V.A.T.).
For more information on Cyprus’ Residency by Investment Program, please click here.
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