Cyprus Considers Easing Residency Permit Requirements

Stay updated on Cyprus' potential changes to residency permit rules, including lower investment thresholds and income requirements.

Cyprus Considers Easing Residency Permit Requirements

Cyprus is set to make changes to the requirements for obtaining residency permits for foreigners, with proposed amendments allowing permits to be obtained based on property investments valued at €250,000 and an annual income of €40,000. The new draft law, currently under discussion in the Committee on Internal Affairs of the House of Representatives, outlines the following criteria for foreign nationals seeking residency in Cyprus:

- Absence of Employment: Foreigners must not engage in any employment or economic activity within Cyprus.

- Annual Income: A minimum insured annual income of €40,000 is required, with an additional €10,000 for each family member.

- Property Ownership: Ownership of property in Cyprus worth at least €250,000 is mandatory.

While some interested parties suggest lowering the property investment threshold to €150,000 to facilitate purchases on the secondary market, concerns have been raised about potential price increases affecting local buyers. Currently, owning property in Cyprus, regardless of value, allows for application for a multiple-entry national visa and temporary residency, with restrictions on employment. Permanent residency can be obtained by purchasing real estate worth over €300,000 or demonstrating a confirmed annual income of at least €50,000 for the main applicant, €15,000 for the spouse, and €10,000 for each child.

The proposed changes to Cyprus's residency permit requirements aim to attract foreign investment while balancing concerns about property market impacts. The final decision on the draft law will have significant implications for both foreign nationals seeking residency and the local real estate market.

Cyprus Considers Easing Residency Permit Requirements

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