By: N. Pirilides & Associates LLC
Amendments to Cyprus Immigration Permits and Golden Visa Criteria as of April 2023
On 21.04.2023, the Council of Ministers decided for the amendment of the criteria for granting Immigration Permits through the fast–track option to third country national applicants who wish to invest in Cyprus pursuant to the provisions of the Regulation 6(2) of the Aliens and Immigration Law Cap. 105.
The decision for the amendment of the existing policy of the Ministry of Interior, which essentially aimed at the empowerment and strengthening of the real estate market and boosting the Cypriot economy in general, was taken because, evidently, it was necessary for certain provisions to be reassessed. Although the investment amount remains unchanged (at least €300,000), stricter control and verification mechanisms have been introduced to ensure that the applicant retains the investment for life.
The scheme of obtaining a permanent residence permit is also known as the “Golden Visa Programme,” since an individual who acquires a permanent residence permit through investment is eventually entitled to apply for Cypriot citizenship after 5 years of being granted such a permit.
Economic criteria
The applicant must invest at least €300,000 either by purchasing a house/apartment, or by investing in any other type of real estate, or by investing in a Cyprus Company’s share capital with business activities and personnel in the Republic, or by investing in units of Cyprus Investment Organization of Collective Investments (forms of AIF, AIFLNP, RAIF).
Such an applicant will be required, among other things, to provide, on an annual basis, evidence proving that he still maintains the initial investment. In cases where the immigration permit holder fails to provide such evidence, his (and his family’s) permit will be cancelled.
Annual income and applicant’s dependent persons
It is noted that the permit automatically covers the applicant’s spouse and their underage children, subject to the below amended financial conditions.
Another amendment concerns the required annual income that the applicant must prove to earn and how that increases for his/her spouse and each dependent child. Specifically, the amount of income for the applicant has been raised to €50,000 (previously €30,000). Such annual income is increased by €15,000 for the spouse and by another €10,000 for each minor dependent child.
Regarding the monitoring mechanism for adherence to the criteria and maintaining the investment, the requirement for annual submission of proof that the applicant maintains the income determined for himself/herself and his/her family members is abolished.
With regard to children of the applicant above the age of 18 who are financially independent from the applicant, they may be granted such a permit only if the investment of the applicant is multiplied by the number of such adult children. For instance, the required investment of €300,000 shall become €600,000 where the applicant has one financially independent adult child.
Moreover, pursuant to the amendments, parents and in-laws of the applicant are not considered dependents of the applicant and therefore are not entitled to such a permit.
Quality criteria
For the purposes of submitting the application, all adult applicants shall provide a clean criminal record from both their country of origin and their country of residence if different. Pursuant to the amendment, such clean criminal records must be provided afresh to the authorities every 3 years after obtaining the immigration permit.
Another new criterion is that each family member must provide a health insurance certificate for medical treatment covering both inpatient and outpatient care.
Furthermore, the property used as the investment must have sufficient bedrooms to accommodate the needs of the family and must also be declared as the family’s “permanent residence.”
Our team of lawyers is fully equipped and ready to support and guide you in all matters related to obtaining immigration permits in Cyprus. For any queries, do not hesitate to contact us at [email protected].
