With reference to the 4th revision which came into effect on 02/05/2023 of the criteria relating to the fast-track process of granting Immigration permits to applicants who are third country nationals and invest in Cyprus, the following are clarified:
The funds which shall be used for the investment and must originate from abroad, can also be transferred from the bank account of a Company of which the applicant/investor or/and his/her spouse are the sole shareholders, provided that the shareholder(s) will be included in the application.
The applicant’s income should solely derive from abroad, and proof of income is necessary either through his/her tax declarations from the country where the applicant is a tax resident, or through official certifications from an independent chartered accountant.
In regards to the continued obligations following the granting of the permanent residency permit and the compliance with the criteria and maintenance of the investment, the required annual submission of evidence that the applicant maintains the income determined for him and his family members, is not applicable anymore.
Hereafter, the applicant and his family members are required to provide every three years certificate of a clean criminal records from their country of origin and country of residence, instead of annually.
The requirement for the applicant to provide evidence of maintaining the investment on annual basis, as well as that the applicant and the family members hold a health insurance certificate in the event that they do not continue to be beneficiaries of GESY, continues to apply.