The revised regulations will be in effect as of 2nd of May 2023 onwards. Briefly, the below amendments are now applicable:
Funds for the investment:
– The funds for the purchase price of the property must be transferred from a bank account of the main applicant and/or his/her spouse, provided that the spouse will be also included in the application as family member who applies for Permanent Residency
– The applicant must pay on account for the purchase price of the property a minimum amount of €300.000 VAT inclusive, to be eligible to submit an application (old provision was minimum amount on account €238.000 VAT inclusive).
Secured annual income:
– The secured annual income of the applicant and/or his/her spouse, provided that the spouse will be also included in the application as family member who applies for Permanent Residency will be €50.000=, to be increased by €15.000= for the spouse, €10.000= for each minor child and €10.000= for each unmarried adult child between the age of 18/25, provided that he/she is economically dependent on the family, they are students on higher education abroad.
– The secured annual income will be proved/supported only with the Tax Declaration of the main applicant and/or his/her spouse
Police Clearance Certificate:
Police Clearance Certificate will be required from the country of origin as well as the country of main residency, if they differ
Medical insurance:
Main applicant and all family members must have medical insurance that covers inpatient-outpatient care and body repatriation
Property criteria:
– In case where the number of the bedrooms of the property in which the applicant will invest does not cover the needs of the main applicant and his/her family, additional property/properties must be proved to the Authority, as residency of the family, either by title deed, sale agreement or rental agreement.
– Resale properties that have been purchased before 07/05/2013 will be eligible for the purposes of Permanent Residency Application fast track, provided that it can be proven that the sale agreement has been submitted at the Land Registry on or before the abovementioned date and that the funds for the purchase of the property have been transferred from abroad.
– In cases where the sale agreement has been signed or the title deed of the property have been issued to the name of the Purchaser in a period of over 1 year from the date of the submission of the application, an official Land Registry Search will be required.
Investment and secured annual income annual monitoring:
For monitoring the investment and the secured annual income of the family, the applicant must submit to the Civil Registry and Migration Department on an annual basis the following:
- Official Land Registry Search, proving that the investment is still held by the applicant
- Fresh tax declaration proving that the applicant meets the requirement for the secured annual income of his/her family
- Valid medical insurance, if the applicant is not registered/eligible to be registered with the General Health System (GESY).
- Fresh Police Clearance Certificate for adults of the family from the country of origin as well as the country of main residency, if they differ
Family members eligibility:
Parents and parents-in-law are no longer eligible to apply on the basis of the application of the main applicant and his/her spouse.
Validity of the Permanent Residency Permit for minor children:
– The validity of the Permanent Residency of the minor children expire when the minor children will reach the age of 18 years old
**** Investors who have submitted their Sale Agreements with the Land Registry from 02/01/2023 until 28/04/2023 will be eligible to apply on the basis of the previous requirements before the changes.
– Applicants that have submitted on the older regulations, their status will be based on the older regulations
– However if they lose the Permanent Residency status on the older regulations and they wish to apply again, they will apply on the basis of the new regulations
