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26.04.2024
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26 April 2024

Cyprus wants to make it simpler to obtain residence permits for certain categories of applicants

The Cypriot Ministry of Interior (MIA) is pushing a new bill in Parliament that is expected to make it easier to get residence permits for employees, self-employed people and people living off savings from abroad.

The agency says that the rules for these categories were introduced in 1988 and are now out of date and need to be updated.

The Interior Ministry is proposing to include a few new rules. For example, if you're self-supporting and don't want to work in Cyprus, you'll need to have an annual income of 40 thousand euros plus 10 thousand euros for each dependent. You'll also need to have real estate worth 150 thousand euros. (Previously, the department wanted to consider housing worth 250 thousand euros.) If you're self-employed, you'll need to be qualified to do the work in your field and have sufficient capital. Employees must have an employment contract approved by a public institution, and the employer must guarantee tax and social security benefits. Applicants don't have to live in Cyprus, but they do have to visit the country at least once every two years.

Just a heads-up: under current laws, applicants must prove that they have purchased or rented property in Cyprus. Their annual income must be at least €9,568 plus another €4,613 for each dependent. If you're receiving income from abroad, you'll need to have on your account in a Cypriot bank between 15 and 20 thousand euros.На Кипре хотят упростить выдачу ВНЖ определенным категориям граждан

Just to recap, the easiest way to get a residence permit in Cyprus these days is to buy property for at least €300,000 or invest these funds in the foundation of a company based in Cyprus and provide jobs for at least five employees.

On top of that, you've got to prove every year that the beneficiary is still in control of the property or company and that their income is still at the right level. The income level is now set at €50,000 for each applicant (up from €30,000), €10,000 for each minor child (up from €5,000), and €15,000 for a spouse.

The new rules mean that only the investor's immediate family can get a residence permit. That means that the parents of the applicant and the parents of the spouse are no longer eligible. If your child is aged 18 to 25, they can apply for a residence permit if they are studying at university and don't have a family of their own. You have to show that they earn €10,000 per child at that age.

The Minister of the Interior approves applications for residence permits for investment. The process takes about two months. There's a €500 state fee for each application and a €70 fee for each dependent.

Source: philenews.com
Photos: pixabay.com, DOM

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