On February 2, 2016, the Ministry of Interior of Cyprus amended the regulations regarding the issuance of immigration permits to non-European citizens investing in Cyprus. The new regulations, as described below, will come into effect on February 22, 2016.
· No visa required for permanent residency in Cyprus on Chinese passports! A permanent residency card will be issued!
· The main applicant and their spouse's parents can also obtain a green card in 2 months!
I. Investment/Funding Standards
1.1. According to the previous scheme, the main applicant could bring their dependent children and spouse, and for each dependent child and spouse, proof of an annual income of €5,000 was required (the main applicant also needed to provide proof of an annual income of €30,000).
The new scheme stipulates that the main applicant must provide proof of an annual income of €30,000, and for each dependent member of the family, proof of an annual income of €5,000 is required, while for the parents of the main applicant and their spouse, proof of an annual income of €8,000 is required.
Similar to the previous regulations, when assessing the above income amounts, the income of both the main applicant and their spouse can be included.
1.2. Investment through a Company
The new regulations clarify that investment in real estate in Cyprus can be made through a company legally registered in Cyprus or in any other European Union member state or European Economic Area country.
1.3. Disposal of Real Estate Investment
The new regulations clarify that if the property purchased when applying for permanent residency is disposed of, and if no other property of equal or higher value that meets the regulations (purchased from a developer and is new) is immediately purchased, it may lead to the revocation of the residence permit.
II. Dependents
2.1. Independent Applications by Spouses
The new regulations allow spouses to submit independent applications, requiring only one spouse to meet the funding standards of the scheme, with an application fee of €500 per person.
The couple's minor children can apply as dependents in both applications.
2.2. Death of the Main Applicant
According to the above, the spouse and minor dependents do not obtain independent permanent residency permits. In the event of the death of the main applicant, the spouse and minor dependents can obtain permanent residency permits by submitting a new application without having to meet any funding conditions.
2.3. Children Aged 18-25
The new scheme states: Unmarried children aged 18-25 who are financially dependent on the main applicant and are students enrolled in higher education institutions outside Cyprus can submit independent applications, provided they have been studying for at least 6 months after submission of the application.
Consistent with the old scheme, the terms require that for each such child, the father or mother or both parents must have an additional guaranteed income of €5,000.
The permit remains valid even after the child turns 25, regardless of their marital status or whether they are a student, but their dependents cannot be included in their permit application.
If the child studies at a higher education institution in Cyprus, according to relevant legislation, they need to apply for a temporary residence permit as a student. After completing their studies, regardless of age, they can apply for permanent residency, but the parents must provide proof of an additional annual income of €5,000.
2.4. Immigration Permits for Parents
According to the new scheme, the parents of the applicant and/or spouse can obtain permanent residency permits by submitting the appropriate application and paying the corresponding fees.
The only requirement for the main applicant is to provide proof of an additional annual income of €8,000 for each dependent parent.
III. Qualitative Provisions
Within one year of obtaining permanent residency, according to Article 6(2), holders of permanent residency permits must obtain permanent residence. The holders of the permanent residency permit and family members included in their permit application must visit Cyprus at least once every two years.