Revision of Criteria for Fast-Track Residence Permits
The Council of Ministers has recently approved a proposal from the Ministry of Interior to amend the criteria for the fast-track procedure of granting Residence Permits to nationals of third countries investing in Cyprus, in accordance with Category F 6(2) of the Aliens and Immigration Regulations.
This revision of the existing policy, originally designed to stimulate the real estate market and the broader economy, was prompted by the need to reassess specific provisions. To enhance the procedure and address observed shortcomings, the updated policy introduces differentiated investment and quality criteria, including stricter parameters for required checks when granting immigration permits. Additionally, control and verification mechanisms have been established.
Under the new criteria, applicants must provide annual evidence demonstrating the ongoing maintenance of their initial investment and the required income for themselves and their family. If the residency permit holder fails to supply the necessary documentation, the individual’s permit and those of their family members will be canceled.
While the investment amount remains unchanged, a control mechanism for maintaining the investment has been introduced. The income criteria have also been revised. As per the updated criteria, each person applying for Cyprus residency through the fast-track procedure must demonstrate an annual income of €50,000, up from €30,000, €10,000 for each minor child, up from €5,000, and €15,000 for spouses. Moreover, the revised policy no longer grants residency with a single permit to parents, parents-in-law, and adult children.
The objective of these revisions is to ensure a more secure and transparent process, ultimately benefiting the Cypriot economy and maintaining the integrity of the immigration system.