New Citizenship Income Requirement for Third Country Nationals

Remember citizenship is different to residency... This article is about changes needed in becoming a full citizen of Cyprus with a Cyprus EU passport. IE naturalisation .. it's a different ballgame to residency...

The  article as the links eventually cease to work ...

The cabinet on Friday approved an interior ministry proposal to review the criteria for the naturalisation of third country nationals.

According to Interior Minister Constantinos Ioannou, the proposal is mainly aimed at strengthening control mechanisms for the investments of people who are granted citizenship.

At the same time, the income criteria for granting citizenship would be revised upwards.

Speaking to reporters after the cabinet meeting, the minister said the decision to revise the interior ministry’s existing policy, which aimed to stimulate the real estate market and more broadly the economy, “was taken because it has become clear that certain provisions need to be re-evaluated”.

The revision of the criteria foresees stricter parameters in terms of the checks required, as well as defining control and verification mechanisms concerning the fast-tracking of immigration permits for third country nationals who invest in Cyprus, Ioannou said.

The goal is to “safeguard the process and eliminate weaknesses that were observed,” he said.

The differentiated criteria approved by the council of ministers provide that an applicant would be required to provide on an annual basis evidence that they continue to maintain their initial investment and the required income determined for themselves and their family, he explained.

“In cases where the holder of the immigration permit fails to provide the required documents, the permit for them and their family will be nullified,” the minister said.

He clarified that the threshold for investments will not change, but rather a control mechanism will be set up to maintain said investments, while the income criteria were also revised.

Thus, he clarified that for each person applying for citizenship the income should be €50,000, instead of €30,000, while for each minor child it should be €10,000, instead of €5,000, and €15,000 for spouses.

Finally, he noted that with this revision, citizenship will not be granted with one license to parents, in-laws and adult children

Hi Toon, in your years of living in Cyprus did you meet people who came on category F slow track and eventually get citizenship?

I heard that the wait time is again three years after you apply for citizenship after five years or seven years of living here depending on the residence permit.

We are still waiting for our category F slow track first permit, and we have a long way to go but would love to know that there are some people who got citizenship eventually!

It can take years ..there is a lot of work to do .. it has taken my friend 4 years so far .. one must always remember that there is no guarantee in getting it once you have applied

Only 5 yrs legitimate residency required but if you can speak and read greek then only 4yrs required...plus all the other requirements.

To be honest am not entirely sure of the value of citizenship .. I would be interested in what you think you would gain by going for citizenship.. the only one I can think of is the ability to stay in the Schengen zone countries for longer periods of time with an EU passport and it's freedom of movement benefit

@Toon I am a remote IT digital nomad . Usually remote jobs in Eu need Citizenship of a EU country for taxation purposes . Cyprus citizenship is nice to have but not mandatory for me .

@dvb123 Are you sure that is the  case here in Cyprus ......

@Toon I did not get a chance to work with European clients yet as I still have contracts with US clients that I am working on. However, I see in job advertisements that they are asking for citizenship in a EU country if a person wants to do a remote job Europe e.g.,

https://www.linkedin.com/jobs/view/3499 … h_srp_jobs

All IT skills are not in shortage in Europe. If a person has good IT skills or the company is desperate enough they would probably sponsor a work permit .

Cyprus citizenship would open more doors for remote IT jobs in EU but there are still lot of remote US jobs that can be done from Cyprus without any restrictions .

Ah ok wasn't aware of that ...learning all the time .. it might be worth talking to a immigration specialist about it ..... Are you aware of all the other requirements for citizenship.

Looked at the link ...spookily its similar to what I used to do and specialised in the field of construction industry software.. mainly accountancy modules for general ledger purchase ledger sales ledger subcontract ledger plant control fixed assets and stock control.. which then developed into an e-commerce function and RF ID systems ... analysis, testing and implementation

@Toon Thanks Toon ! I will check with Gwenny on the citizenship requirements. We still have a few years to go but better to be informed then get a rude surprise later.

Further details.....PERMANENT RESIDENCY

Cyprus revises foreign residency rules

BY GUEST COLUMNIST

24TH APRIL 2023 171 VIEWS 4 MINS READ

In an attempt to attract foreign investments to the Island and help economic growth, the Cyprus government in March 2021 revised Regulation 6(2) of the Aliens and Immigration Regulations.

These amendments were in tune with the government’s general objectives at the time to stimulate and increase foreign investment in areas other than real estate.

Last Friday, the Council of Ministers, in a move that took aback those of us working in the Industry, approved a proposal by the Ministry of the Interior to review the criteria for granting Permanent residency to Investors under provisions of Regulation 6(2) of the Aliens and Immigration Regulation.

The main objective of these reforms is to put in place safeguards and ensure a secure and transparent process that would ultimately benefit the Cypriot economy in the long run by maintaining the integrity of the immigration procedures.

This revision was prompted by the need to revise specific provisions to enhance the procedure and address observed shortcomings.

The Minister of Interior Constantinos Ioannou stated that the goal was to shield the process and eliminate weaknesses that were observed.

Although the investment amount remains unchanged, control mechanisms have been introduced to ensure that the applicant retains their investment for life.

The Minister said the decision “to revise the existing policy of the Ministry of the Interior, which aimed to stimulate the real estate market, but also more broadly the economy, was taken because it had become clear that certain provisions needed re-evaluation”.

The revision of the criteria concerning the procedure of granting Immigration Permits to nationals of third countries who invest in Cyprus foresees stricter parameters in terms of the checks required for granting them and mechanisms to safeguard the process.

In particular, the applicants will be required, among other things, to provide, on an annual basis, evidence proving that they still maintain the initial investment and that they continue to receive the required income determined for them and their family.

In cases where the holders of the immigration permit fail to provide the documents required, there’s and their family will be cancelled.

Another change will be the increase of the required annual secure income of the main applicant to €50,000, instead of €30,000, for each minor child to €10,000 instead of €5,000, and for the spouses €15,000.

Furthermore, a significant change in the regulations is it will no longer be possible for the parents, the parents-in-law, and the adult children of the main Applicants to be granted Permanent Residence as their dependents.

These changes appear to come into effect on 2 May, and official announcements will no doubt be made very soon.

While we understand and respect the underlying objective of these revisions, which is to maintain the integrity of the system, it remains to be seen how implementing these new provisions will affect investments.

The content of this post is intended to provide a general guide to the subject matter and does not constitute legal advice.

By Esme Palas, Barrister at Law, Partner of the Law Firm Michael Kyprianou Advocates and Legal Consultants esme.palas@kyprianou.com

Cyprus and Portugal were the few countries in Europe that allowed dependent parents to get residency along with children !

Sounds to me like this will put of some people and have the effect of reducing investment not growing it.

@phildraper I think you may well be right...looking for high worth individuals and sod the masses of middle class retirees

CHANGES TO IMMIGRATION LAWS issued by Cyprus government coming into effect Tuesday 2nd May 2023. -PERMANENT RESIDENCY PERMIT

Translated from the official Greek announcement

Announcements

The Ministry of the Interior informs the public that as of Tuesday, May 2, 2023, revised criteria concerning the expedited process of granting an immigration permit to applicants who are nationals of third countries and invest in Cyprus will come into force.

The revision of the criteria has been approved by the Council of Ministers, on April 21, 2023, with the aim of shielding the Plan process and eliminating weaknesses that were observed and could potentially leave room for its exploitation.

In the revision, differentiated investment and quality criteria are defined, with stricter parameters regarding the required controls for the granting of an immigration permit, while control and verification mechanisms are defined.

In particular, the investor could, on the basis of the previous Plan, secure an Immigration Permit for his parents and in-laws with just one investment in the Republic in a property worth 300,000 euros. Now with the revision, no permanent residence permit is granted to any other adult persons (see parents and in-laws) who have not themselves invested in Cyprus.

In addition, based on the screening mechanism, the applicant is required, among other things, to provide on an annual basis evidence that he still maintains the initial investment and the required income determined for him and his family. In cases where the holder of the Immigration Permit fails to provide the documents required, the immigration permit of himself and his family will be cancelled.

It is noted that applicants, who have demonstrably filed sales contracts with the Department of Cadastre and Land Surveying from 02/01/2023 to 28/04/2023, will be able to submit applications based on the criteria that applied previously, from 24/03 /2021.

Interested parties can find more information about the criteria on the website of the Department of Population Records and Immigration.

(Efys/MB/EXP)

Criteria related to the expedited process of granting Immigration Permits to applicants who are nationals of third countries and invest in Cyprus

Fourth Revision of Criteria, 2 May 2023

1 LEGAL FRAMEWORK

1.1 Pursuant to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, the Minister of the Interior decided, after informing the Council of Ministers, to issue Immigration Permits to third-country national applicants, in cases of investments that meet the conditions of of this policy.

1.2 The applicant must meet one of the investment criteria of Paragraph 2.1, as well as the quality criteria of Paragraph 3 below.

Provided that the money to be used for the investment must be proven to come from abroad, from the bank account of the applicant himself and/or his wife, as long as he is included as a dependent in his application. The amount of the investment value should be paid from the applicant's bank account to the seller's account in a Cyprus financial institution.

2 INVESTMENT CRITERIA

2.1 The applicant should make an investment of at least €300,000 in one of the following investment categories:

(A) Investment in house/apartment:

Purchase of a house or apartment from a land development company, which should concern a first sale of at least €300,000 (plus VAT).

(B) Investment in real estate (excluding houses/apartments):

Purchase of another form of real estate such as offices, shops, hotels or similar developments or a combination of these with a total value of €300,000. The properties in question may also be subject to resale.

(C) Investment in share capital of a Cypriot Company with activities and personnel in Cyprus:

Initial investment in share capital of a new company worth €300,000 or increase of share capital worth €300,000 in an existing company registered in the Republic of Cyprus, which is based and operates in the Republic of Cyprus and has a proven physical presence in Cyprus and employs at least five (5) people.

(D) Investment in shares of a Cyprus Investment Organization for Collective Investments (type AIF, AIFLNP, RAIF):

Investment worth €300,000 in shares of a Cyprus Investment Organization for Collective Investments whose investments should be made in the Republic of Cyprus.

Provided that, any alienation of the holder of the Immigration Permit from the investment he has made without immediately replacing it with another of the same or greater value, which should meet the conditions set in this procedure, will entail activation of the procedure cancellation of the License based on the provisions of Regulation 6 of the Aliens and Immigration Regulations.

2.2 The applicant should, in addition to the investment based on Paragraph 2.1 above, be able to prove that he has at his disposal a personal insured annual income of at least €50,000. The annual income is increased by €15,000 for the spouse and €10,000 for each minor child of the applicant and/or his/her spouse. This income can come from wages for work, pensions, stock dividends, interest on deposits, rents, coke coming from abroad, which will only be proven through his tax return from the country in which he declares a tax resident, for the cases which the applicant chooses to invest as per Paragraph 2.1.(A). In calculating the total income, the income of the applicant's wife may also be taken into account.

In the cases where the applicant chooses to invest as Paragraphs 2.1.(B), 2.1.(C) or 2.1.(D), his total income or part of it may also arise from sources originating from activities within the Republic, provided that it is taxable in the Republic.

3 QUALITY CRITERIA

3.1 The applicant and his wife must submit a certificate of a clean criminal record from their country of origin as well as from their country of residence in case it differs, and in general they must not in any way pose a threat to public order or public security.

3.2 The applicant and their dependent family members must provide a Health Insurance Certificate for medical treatment covering inpatient and outpatient care.

3.3 The applicant and his wife will certify that they do not intend to be employed in the Republic with the exception of their employment as Directors in a Company in which they have chosen to invest within the framework of this policy.

3.4 In cases where the investment does not concern a Company's share capital, the applicant and/or his spouse may be shareholders in Companies registered in Cyprus and the income from dividends in such companies shall not be considered as an obstacle for the purposes of obtaining the Immigration Permit . They may also hold the position of Director in such companies without pay.

3.5 In the cases where the applicant chooses to invest as in Paragraphs 2.1.(B), 2.1.(C) or 2.1.(D), he should present information regarding the place of residence of himself and his family members in the Republic (e.g. property title deed, sales document, rental document).

In cases where the applicant chooses to invest as per Paragraph 2.1.(A), but the number of bedrooms of the investment property cannot satisfy the needs of his dependent family members, he should indicate another property or properties which he will constitute the place of residence of these persons (e.g. property title deed, sales document, rental document).

4 LEGISLATIVE ELEMENTS

4.1 Investment in house/apartment or other properties:

The applicant submits with the title deed application or a deed of sale in his and/or his wife's name filed with the Department of Cadastre and Land Surveying for a residence or other building with a market value of at least €300,000 (plus VAT if applicable) and official receipts for the payment of at least €300,000 (excluding VAT), regardless of the date of delivery of the property.

Provided that when submitting the application, evidence must be provided that the investment money has come from abroad and is not a product of internal borrowing (remittances, payment receipts with a foreign card, bank certificate) which must be linked to the similar investments. The balance of the investment value should be paid into the seller's account at a Cypriot financial institution.

It is noted that the purchase of real estate will be accepted even when it is made by a legal entity in which the applicant and/or his wife are the exclusive shareholders or final beneficiaries and which is legally established in the Republic or in another member state of the European Union or of the European Economic Area.

For the purposes of applying Paragraph 2 in relation to the purchase of a house/apartment, it is clarified that:

(a) The applicant may purchase up to two (2) residential units (apartments or houses), provided that the total market value meets the provisions of Paragraph 4.1 above. In the case of a couple, the above condition applies to the couple as a whole. (b) The purchase in question must relate to dwellings sold by the developer to a first-time buyer, unless the purchase of the dwellings took place before 07/05/2013. Purchase and sale documents relating to residential resales and filed with the Land Registry before 07/05/2013 (the date of filing of the purchase and sale documents will be confirmed by the Department of Land Registry and Surveying), will be accepted for the purposes of implementing this policy. It is noted that the properties do not have to be purchased from the same land development company.

In cases where the sales document has been signed or the property title has been issued in a period that exceeds one year from the date of submission of the application, the applicant is required to submit with the application a recent Real Estate Survey Certificate from the Land Registry Department and Spatial Measurement.

4.2 Investment in share capital of a Cypriot Company with business activities and staff in Cyprus:

For the purposes of implementing this policy, a total investment of €300,000 is required from the applicant, a physical presence of the company in the Republic and employment by it of at least five (5) employees. In this case the following documents must be submitted:

Certificate of shareholders and Certificate of Incorporation from the Registrar of Companies and Official Receiver

Business profile of the company including business objectives etc

Proof of payment (e.g. bank transfer)

Evidence of the employment of employees from the Department of Social Insurance.

4.3 Investment in shares of a Cyprus Investment Organization for Collective Investments (type AIF, AIFLNP, RAIF):

For the purposes of implementing this policy, the applicant is required to make a total investment of €300,000 in investment shares whose investments should be made in the Republic of Cyprus and to present the following documents:

Titles or other confirmation of units purchased

Proof of payment (e.g. bank transfer)

Confirmation by the Capital Market Commission for the establishment of the Fund

Memorandum of the Fund or the Investment Plan.

5 DEPENDENTS OF APPLICANT

5.1 The Immigration Permit is issued to the applicant. This includes the applicant's dependents who are the spouse and their minor children under the age of 18.

If they so wish, it is possible to issue two separate Immigration Permits to each of the parties of the couple without the obligation and the second one to meet the above criteria, provided that a separate application is submitted and the corresponding fee is paid.

Provided that in the event that the Immigration Permit granted to the investor is canceled for any reason, it will entail the activation of the Permit cancellation procedure for the other part of the couple, based on the provisions of Regulation 6 of the Foreigners and Immigration Regulations.

5.2 Unmarried children between the ages of 18 and 25, only when they are proven higher education students abroad on the date of submission of the application and who are financially dependent on the applicant, may submit their own, separate application for obtaining an Immigration Permit with the submission of the corresponding fee. In such a case, the father or mother and/or both parents together must present an additional annual income of €10,000 for each such dependent child.

If the children are students in Higher and Higher educational institutions of the Republic they should apply for a temporary residence permit in the Republic as students based on the relevant legislation (EU Directive). After completing their studies in Cyprus, they will be able to submit their own application for an Immigration Permit, as mentioned above, by paying the corresponding fee, regardless of their age, with the only condition that the parents will present an additional annual income of €10,000. Said License will continue to be valid even after reaching the age of 25, even if the child is still unmarried and/or a student and/or financially dependent on his parents. It is understood that the spouse and their minor children cannot be included as dependents in said License. It is also understood that in the event that the Immigration Permit granted to the investor / parent is canceled for any reason, it will entail activation of the Permit cancellation process for that child, based on the provisions of Regulation 6 of the Aliens and Immigration Regulations.

6 HIGHEST VALUE INVESTMENTS TO INCLUDING ADULT CHILDREN

An Immigration Permit may also be granted to adult children of the applicant who are not financially dependent on the assumption that an investment of higher value has been made, on the basis of the provisions of Paragraph 2, as specified below:

The market value of the investment of €300,000 should be multiplied according to the number of adult children, who will rely on the same investment for the purpose of obtaining an Immigration Permit. For example, in case the applicant has an adult child he should make an investment worth €600,000, if he has two adult children the investment value should amount to €900,000 gross.

In case the investment will concern the real estate market, i.e. where the applicant chooses to invest as Paragraphs 2.1.(A) and 2.1.(B), together with the application, a payment certificate of at least 66% of the market value must be submitted of real estate.

Provided that, in such a case, each adult child will be able to prove that he has at his disposal an insured annual income of at least €50,000, which will be increased by €15,000 and €10,000 respectively for each dependent person, as the provisions of Paragraph 2.2. In addition, it is noted that the investment can be made jointly in the name of the applicant and the adult child or exclusively in the name of the applicant.

It is pointed out that, in cases where the number of bedrooms of the investment property cannot satisfy the needs of the dependent members of the investor's family, he should indicate another property or properties which will constitute the residence of these persons (e.g. .property title deed, purchase and sale document, rental document).

7 APPLICATION SUBMISSION AND EXAMINATION PROCEDURE

The applications, together with the required accompanying documents, will be submitted to the Department of Population and Immigration Records (TAPM) in person or through a representative after arranging an appointment or in any other way decided. With the submission of the application, a fee of €500 is paid, as well as a fee of €70 for each person included in the application for the issuance of the Foreigner Registration Form (DEA) in cases where it does not exist.

In the case of submitting an application through a representative, this should be accompanied by a written certified authorization of the applicant, which should include the full details of the representative as well as his address and contact numbers.

The application will be processed quickly by TAPM and will be submitted to the Minister of the Interior, through the Director General of the Ministry of the Interior (Ministry of the Interior).

8 SCHEDULES

As long as all the criteria of this policy are met and as long as there are no reasons related either to the criminal record of the applicant, or to reasons of public order and public security, the application will be forwarded for examination and decision-making by the Minister of the Interior.

It is estimated that the period of examination of the application from the date of submission of the completed application will be around two (2) months.

9 APPLICATION FORMS

The forms are available online on the website of the Department of Population Records and Immigration and are as follows:

Application Form (MIP1)

List of documents submitted with the application

Responsible Declaration of the applicant's annual income,

Responsible Declaration certifying the non-employment of the applicant and his/her spouse in Cyprus with the exception of their employment as Directors in a Company in which they have chosen to invest within the framework of this policy.

10 CONTROL MECHANISM OBSERVANCE OF THE CRITERIA AND PRESERVATION OF THE INVESTMENT

The applicant is required to submit to the Department of Population and Immigration Records, on an annual basis from the date of obtaining the Immigration Permit, evidence that he maintains the investment, that he maintains the required income determined for him and his family and that he and his family members are holders of a health insurance certificate, in case they do not continue to be beneficiaries of GESY. In addition to the above, the applicant and his adult family members are required to provide an annual certificate of a clean criminal record from their country of origin, as well as from their country of residence.

It is understood that, in case the holder of the Immigration Permit fails to prove the above, it will entail the activation of the process of canceling the Permit of himself and his family members based on the provisions of Regulation 6 of the Aliens and Immigration Regulations.

COMMENCEMENT OF REVISED POLICY

This policy takes effect on 02/05/2023.

ADDITIONAL INFORMATION AND CLARIFICATIONS

IMPORTANT CLARIFICATION REGARDING INVESTMENT CRITERION (D) REGARDING THE INVESTMENT IN SHARES OF A CYPRUS INVESTMENT ORGANIZATION OF COLLECTIVE INVESTMENT (TYPE AIF, AIFLNP, RAIF): Regarding Investment Criterion (D) regarding the investment in shares of a Cypriot Investment of the Organization for Collective Investments ( type AIF, AIFLNP, RAIF), it is specified that the investments should be made in the Republic of Cyprus.

The documents accompanying the application should be duly translated and certified.

DURATION OF LICENSE

The right of residence granted upon approval of the application to the investor and his adult dependent family members is of unlimited validity. However, the residence permit (card) has an expiry date 10 years from its issue and must be replaced upon expiry.

The residence permit issued to the minor dependent members of his family is valid until they reach the age of majority (18 years).

@Toon Only few high net worth investors seem to be affected. There seem to be no issues in getting citizenship for high net worth investors as long as they meet the new income and investment requirements. In a nutshell it is not bad as Malta but not easy as Portugal anymore.

https://www.maltatoday.com.mt/news/nati … EvkY3bMKAs

@dvb123 who you know appears to be prime criteria as does how many brown envelopes can be offered .

@Toon Hi I have a question.

Do I need to follow new 'screening mechanism'? I already get immigration permit based on previous criteria. (24/03/2021)

@Podone2 Citizenship is different to residency .. so its a different process and different criteria... And both mechanisms just got more difficult with higher financial requirements....

Permanent residency

The latest Cabinet decision revising criteria for third country nationals who are investing in Cyprus comes in tandem with a slew of other measures the interior ministry wants to take as part of a changing migration policy.

Announced last week, Interior Minister Constantinos Ioannou said the changes were necessary “to eliminate weaknesses” in the existing criteria.

Coming into force on May 2, the new rules affect third country nationals who are naturalised as a result of investments they make into the country.

The minimum investment remains unchanged at €300,000 in property or in a company based in Cyprus employing at least five people.

A key change in the new rules is that applicants are required to prove on an annual basis that they have maintained their investment as well as meet the bar of a required income for themselves and their family.

The applicant must evidence an annual income of at least €50,000 per year, up from the current €30,000.

Additionally, the latest measures seek to go tougher on extending permanent residency statuses to the applicant’s closest relatives. Previously, with a €300,000 investment in property, an individual could have obtained a permanent residency for their parents and in-law’s.

“With the latest revision, the permanent residency is not granted to any other adult that has not invested the same amount in Cyprus,” an interior ministry spokesperson told the Cyprus Mail.

The spouse of the investor can receive a permanent residency as can their children if they are under the age of 18. Unmarried children aged between 18-25 can obtain one if they can prove they are in higher education and their parents can present an additional €10,000 for every dependent.

“The current application of the naturalisation by investment scheme has shown that certain provisions needed a re-evaluation while others needed to be regulated. The changes aim to tackle any weaknesses that may be taken advantage of.”

Spouses of the investor can be naturalised if they can evidence an annual income of at least €15,000 per year.

Applications will be approved by the interior minister with the process lasting two months, the ministry explained. A €500 fee comes with every application as well as €70 for every dependant. All applicants must have a clear criminal record.

While naturalisation through investment applications are fast-tracked, the government is facing challenges with permanent residency applications that are backlogged due to parliamentary delays.

In May 2022, new regulations prepared by the interior ministry were submitted to House interior committee for discussion – and to eventually be voted into law. Nonetheless, to date the regulations have still not been discussed.

The regulations concern a number of permits for employees, self-employed persons and people living off savings earned abroad, under regulation 5 of the Aliens and Immigration Regulations. Though applicants do not have to live in Cyprus, they must visit Cyprus once every two years.

Reports suggest the existing regulations date back from 1988 and amid the pending green light from parliament, the interior ministry has preferred to shelve existing applications until the new regulations are voted through.

Though the timeframe for processing applications is around 18 months, currently it spans for 2.5 years.

Under the existing legal framework, applicants must prove they have purchased or rent property in Cyprus – though there are no rules on what the value must be. Nonetheless, annual income must amount to at least €9,568 and a further €4,613 for every dependent.

Those with earnings from abroad must have €15,000 to €20,000 in their Cypriot bank account.

The new rules currently awaiting parliamentary scrutiny include provisions that a self-sustained migrant (one that does not wish to work in Cyprus) must have an annual income of €40,000 per year increased by €10,000 for every dependent. They must also have a suitable home valued at €250,000.

Self-employed persons are required to have the qualifications to carry out work in their field of expertise and adequate capital – an amount set by Cabinet. The work in question must also serve to benefit Cyprus and be in line with its development goals. It should also not create “unjustified competition” in the local labour force.

Those seeking an immigration permit through a job must sign an employment contract approved by a government office, with the employer required to have all their tax and social insurance payments in order. The job seeker must fulfil the condition that they do not create any “unjustified competition” in the field of work they will be employed in

Wow ! The 250k house requirement is scary . We bought our apt in December for 90k in Peyia . We could not apply for category F slow track yet as we are waiting on our temporary residence cards .

Our temporary residence cards are delayed as we needed to apply for special permission with immigration minister as I could not get my police clearance certificate from USA on time due to the last minute changes in regulations. We applied for special permission in February and we are still waiting.

We love Cyprus and hopefully would get the slow track category F permanent residency .

I did not understand the part of naturalization clearly . I think the 300k category F fast track permanent residency holders are fast tracked for citizenship too if my understanding is correct .

€300k plus vat on a new build not resale.... Plus annual proof of income requirements and ownership of the property

Also interesting to note they stated 2-2.5 years to complete process

Then the worry that if something major happened and you didnt fit the criteria ... ..then of course they can change the criteria too... As they are prone to do

All very worrying

Further news re temporary residency requirements ...extract

Meanwhile, government sources told the Financial Mirror that expats eyeing a temporary residence permit will also be in for surprises, as authorities are eyeing to increase in income criteria for the scheme by 32%.

Currently, a couple retiring to the island will need proof of €28,800 income per year.

According to the government source, the competent authorities are mulling over increasing the criteria to €37,000.

https://www.news.cyprus-property-buyers … d=00167334

@Toon wow ! That is a steep requirement . It will be difficult for retirees on fixed pension.

@dvb123 just a note .. my friend applied for citizenship 4.5 yrs ago and has just told me she got approval in December 2022... And her application was made as an EU national Brit and as an officer of the British High Commission.

Butt COVID probably caused a significant delay  so I'd suggest about 2-3yrs. .

@Toon oh that's not good news for us!  Have forwarded to our lawyer for her comments on this - we can meet the new €28,800 by juggling a few things, but showing an income of €37,000 is a step to far for us (even though we have a very healthy pension pot).  Thought they had only just implemented the €28,800 for a couple of F class slow track....so how can they immediately jump it up another €8k+ so soon??  Starting to get worried now - so even if it is implemented once we arrive, how are we going to be able to reapply in 12 months if we can't show the raised income critera?

@Toon Thank you Toon I can see light at the end of the tunnel.

I hope that I will keep having remote contract gigs from USA till then. Also, with remote contractor platforms like DEEL, this EU citizenship may be unnecessary. Our priority now is to get the pink slip and hopefully category F slow track PR in 3 years. I will probably meet Gwenny next week and have some news.

@Sam&Bob Hi Sam&Bob, I don't think rules have changed for category F slow track yet. If you already filed your application, you should be good but better to contact an immigration agent or immigration lawyer when the changes to category F slow track and pink slip come into effect.

@dvb123 thanks for the reply but the bit at the bottom of the article was definitely linked to the F class slow track (as the€28,800 is the financial criteria we have been told we need to meet).  Hence it looks like they possibly are looking at upping the financial criteria.  I have emailed our immigration lawyer so am awaiting her response.  We are certainly getting very worried now This could be the final nail in the coffin for our move

@dvb123 even if you had to go 5 yrs snail track you may be ok

@Sam&Bob it hasn't happened yet and is up for discussion.. am really not sure what would happen if let's say you obtain residency at the old rate and then at renewal there is an increase to the new higher level.. we sure as hell couldn't meet the new levels.... Am just pleased that we got our PR when we did it was so much easier and not as financially hard.... tbh the key might be accrued savings... Further I really dont understand the preoccupation of this high income for what are essentially early retirees and those who retire at normal ages most Cypriot nationals dont earn any where close to these levels despite working 2 or 3 jobs....

It may be wise to put brakes on until you get some professional advice from immigration

@Sam&Bob pls check Malta permanent residency program (a bit expensive with 100k govt fees) and Portugal D7 visa as backup options .

I never lived in Malta but always heard great things about that island .

So spoken with my lawyer today (who are apparently quite an influential practice in Paphos) and she said within their circles they certainly haven't heard anything about upping the TR financial criteria....so I'm breathing again now (panic over for now).  Flying over next w/end to view the next property on the list so fingers crossed for this one now.

@Sam&Bob good luck both .....

@Toon Hi Toon. Do I need to follow new annual income check with 50,000€ per year? I already got PR last year. I am so confused and I want to know that new criteria have retrospective effect.

@Toon An EU passport is a big benefit!  Whether it is worth the trouble is a different matter!

This is a long thread and I apologise if this has already been answered, but is the normal temporary residency financial requirement going to be increased or not?  And if yes, will that mean that on TR renewal many expat pensioners will be forced to lose their TR?

Second question, does Permanent residency require higher income requirements than TR?  And does PR allow you to apply for citizenship?

I would say its high enough at the moment but there is a concerted effort and drive to get higher worth individuals and a better class of tourist too. So on that basis the likely hood is there for that to happen. I know Sam and Bob have said that there lawyer hasn't heard of anything but Id say take that with a pinch of salt as some lawyers also have said they know nothing about the 1992 swimming pool law and requirements) But bottomline at the moment is that it is under consideration and in discussion so it's on the table.. whether it happens is another matter. Suffice to say Spain upped their levels to €27000 some time ago...

I very much doubt that they will enforce the higher level on those who are already in the annual renewal TR process.. you will still be required to prove the level of income you had initially though... But this is Cyprus and things do change with the wind .. sometimes without a lot of thought

PR is obtained after 5 years of legitimate TR or much faster via property purchase (new build not resale) in excess of €300k plus vat at the prevailing rate.

Even with PR you must still have legit residency of 5 years plus follow the process requirements to obtain citizenship.. if my memory serves me right there are no income requirements other than meeting those of TR and PR.

Hi there, my parents whom are retired renewed the pink slip this year and have to show 28,800 euros going in throughout the year, they had to have 6,000 to apply. When they apply again next year they will check back to make sure a minimum of 28,800 has gone in there account between them, if it hasnt then they wont get it renewed. I asked the solicitor if they dont spend that amount and have some left can they just top it up to 28,800? She said no, they have to remove it from the bank back to uk account and then start again! There are many people we know that have come over since Brexit and will not be able to find that amount of money. I also asked about the slow track permanant residency that they were told they could apply for after 1 year, the answer i got was dont bother as immigration are so behind they are not even looking at the ones they already have they are putting them aside and dealing with the yearly ones.