Back in 2021 Cyprus introduced Regulation 6(2) of the Aliens and Immigration Regulations which gave non-EU persons, who will invest in Cyprus, opportunity to receive permanent residency status for the person and family members. There are some recent changes which have entered into force on 2 May 2023. We introduce you the key aspects below.
Cyprus government assessed the current program and has identified some limitations in the system. After these improvements will be implemented, the current program will be safeguarded for continuation and Cyprus will be seen as the reputable jurisdiction in the global market.
- The major criteria for the investment remain unchanged, however now the applicants need to make sure that this investment is not sold for entire period.
- Another change of this initiative is that the applicant who will receive such permanent residency status through investment will be obliged to provide evidence about the holdings of qualifying assets as well as provision supporting evidence that applicant is receiving required income as determined in the program.
- It is important to note, that in case the applicant will not provide such evidence, there will be cancelation of the issued permanent residency status for the person as well for all the family members as was granted before.
- Furthermore, there will be an increase amount of the required secured annual income of the major applicant from EUR 30.000 to EUR 50.000. If the applicant would include his child, additional income of EUR 10.000 is required. For instance, to add into the program kids the income will be EUR 10.000 and for the spouses, it will be required to proof additional income of EUR 15.000.
- Finally, as the improvements are implemented into the program, there is no option to include into this program other family members (parents, parents in law, etc.) and show them as their dependents of main applicant.
These changes have entered into force on 2 May 2023, the official announcement will be made soon.
Shall you need any help in obtaining the Cyprus Permanent Residency status for yourself and/or your family, please contact our team directly:
Gediminas Burba, Lewben Cyprus Services Ltd. Director, via [email protected]