The Ministry of Interior in Cyprus has implemented new regulations for its permanent investor residency program, commonly referred to as the golden visa. The changes were approved by the Cypriot Council of Ministers on April 21st with the aim of safeguarding the scheme’s process and eliminating weaknesses that could be exploited. Although the investment criteria for the program remains the same, the renewal requirements and dependent eligibility have been modified.
One significant change is the reduction of the range of family members who qualify as dependents. Parents and parents-in-law of the principal applicant and spouse will no longer be eligible as dependents and will need to qualify independently by making their own investments. The new rules also raise the minimum annual income requirements for applicants. Previously, the principal applicant needed to have a minimum annual income of EUR 30,000, and an additional EUR 5,000 per dependent. Under the new regulations, the minimum annual income requirement for the principal applicant has been increased to EUR 50,000, with an additional EUR 15,000 for a spouse, and EUR 10,000 per child dependent.
Investors will also need to provide proof of maintaining their investment and income levels at the time of renewal. They must prove they are still receiving an income that corresponds to the minimum required according to their family size on an annual basis. Additionally, investors must prove that they have not divested from their original EUR 300,000 minimum investment asset. If investors fail to provide documentation that they continue to meet the income and investment requirements, their immigration permit, and that of their family, will be cancelled.
However, the new regulations will not affect those who entered into contracts to purchase property with the Department of Lands and Surveys between February 1st, 2023, and April 28th, 2023. Their applications will be processed under the previous regulations.
The Cypriot golden visa program has been popular among non-EU citizens looking to acquire permanent residency in Cyprus, and ultimately citizenship in the European Union. The program’s changes aim to improve its transparency and sustainability while eliminating any weaknesses that may be exploited. The modifications in the program’s conditions are expected to encourage more investments while ensuring the scheme’s integrity.
