New criteria for permanent residency application under the fast track
02 May 2023

Pursuant to an announcement by the migration department dated 28/04/2023, the criteria for the application for the permanent residency under regulation 6.2. (fast track) shall be changed from the 2/05/2023. The new criteria shall not affect applicants who have filed their contracts of sale to the land registry office from 02/01/2023 until 28/04/2023. Those applicants shall be eligible to apply with the previous criteria.

The new requirements are the following:

- The applicant should proceed with an investment of at least €300.000 plus vat.

- The money used for the investment must come from abroad for the bank account of the applicant or his spouse in case the spouse is included in the application.

- The applicant should prove secured annual income of €50.000. The annual income will increase by €15.000 for the spouse and by €10.000 for every minor child of the applicant or his spouse. The only acceptable document evidencing the income of the applicant is a tax declaration from the country which he declares to be tax residence. Income includes salary, pension, deposits in a bank account abroad, rents, dividends, interest on deposits or by exception from dividends from a company in the Republic (with certification by the Company's Accountant that he does not receive any salary from his position) or rents in the Republic , or from income in his bank account in the Republic from a salary from his previous work in a company of foreign interests.

- Copy of valid passport or other travel document with validity of at least three (3) months from the date of the submission of the application.

- Original Clear Criminal Record Certificate from the country of origin or residence, if the applicant resides in a country other than the country of origin, with a duly certified official translation in Greek or English. The document must also be apostile.

- Marriage certificate with a dully certified official translation in Greek or English and apostile.

- Certificate of Health Insurance for medical care that covers inpatient and outpatient care and transportation of corpse.

- Title deed/purchase document deposited in the land registry duly certified.

- Official receipts evidencing the payment of at least €300.000 plus vat to the developing company, independently of the date of the delivery of the property to the applicant. The said receipts should be accompanied with relevant documents proving the transfer of the funds from abroad. Such documents are bank statements from the applicants bank account, bank statement of the developing company proving the incoming of the funds from the applicant etc.

- A declaration from the applicant and his spouse that they are not intent to work or be engaged in any form of business in Cyprus.

- The applicant should every year after receiving the PR provide to the migration department evidence proving that he still holds the investment (a utility bill is adequate), that he still has the required annual income for him and his family members as well as a health insurance certificate in case they are not registered with the national health system (GESY). In addition to the above the applicant and his family members should provide every year a certificate of clean criminal record from their country of origin.

Source: Ministry of Interior, Civil Registry and Migration Department.

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