Amendments to the Investment in a House/Apartment

It is required to pay a minimum amount of €300,000 (excluding VAT) in advance to the land development company or companies. It does not matter when the property will be delivered, but the applicant must submit documentation proving that this amount has been settled to the CRMD before submitting their application. The investment amount must be transferred from abroad from the bank account of the main applicant or their spouse, provided that the spouse is included as a dependent in the main applicant’s application. 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.

Annual Income

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

Significant Amendments

All adult candidates are required to present a clear criminal record from both their country of origin and their current country of residence, if different. Provision of Health Insurance Certificate for medical treatment covering inpatient and outpatient care is also required. In the event that the applicant plans to invest in a house or apartment, and the number of bedrooms in the property is insufficient to accommodate dependent family members, the applicant must propose an alternative property or properties that will serve as their place of residence. Evidence such as property title deeds, sales agreements, or rental agreements must be provided to support this proposal.

Family Members

A significant change to the regulations specifies that the primary applicant is now limited to including only their spouse, minor children, and unmarried adult children up to 25 years of age who are financially reliant on the primary applicant and enrolled as university students. However, the primary applicant is no longer permitted to include their parents or parents-in-law as dependents to be granted Permanent Residence.

Provision of 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 understanding that a higher value investment has been made.

Control Mechanism Compliance with The Criteria and Maintenance of The Investment

The applicant is required to submit to the CRMD, on an annual basis from the date of obtaining the Immigration Permit, evidence that he maintains the investment, that he maintains the required income that has been determined for himself and his family and that he and his family members are holders of a health insurance certificate, in the event that 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 cancelling the Permit of himself and his family members based on the provisions of Regulation 6 of the Aliens and Immigration Regulations.