Cyprus Immigration Permits for Investors - Changes in the Policy criteria.
As of May 2, 2023, Cyprus has introduced notable changes to the criteria of its Immigration Permit for Investors Policy. While investment categories and minimum amounts remain the same, adjustments have been made to payment requirements, annual income thresholds, documentation, and eligibility. Let's explore these key modifications and their implications for prospective investors.
Below are the consolidated changes in the criteria of the Immigration Permit for Investors Policy that have effect as of 2 May, 2023 and include the clarifications dated 17 May, 2023:
- The investment categories (i.e.: house or flat, commercial property, investment in a Cyprus company and investment in the units of a Cyprus fund) and the minimum investment amount (i.e.: EUR300,000) remain the same. With the new Policy, however, in case the investor invests in a house or a flat the amount of at least EUR300,000 should be paid at the time of the submission of the application (as oppose to EUR200,000 that was the requirement with the previous Policy).
- The investment amount still needs to derive from abroad from the bank account of the applicant himself or his/her spouse, provided that the spouse is included in the application as a dependent. The investment amount may also derive from the bank account of a company whose sole shareholders are the applicant and his/her spouse, provided that the shareholder is included in the application.
- The secured annual income has increased to EUR50,000 for the main applicant, to EUR15,000 for the spouse and to EUR10,000 for the minor children and the adult dependent university students between the age of 18-25.
- In case the investment is made in a house or flat the secured annual income can, now, be proved by a tax declaration from the country in which the investor is declaring to be a tax resident or via certifications by an independent sworn accountant.
- Clean criminal record of the applicant and/or his/her spouse must be obtained from the country of origin as well as from the country of residence in case it differs.
- The applicant and his family members must provide a Health Insurance Certificate which will cover inpatient and outpatient treatment.
- With the new policy the applicant and his spouse still need to make a declaration that they do not intend to undertake any kind of employment in the Republic of Cyprus other than being employed in a Cyprus company to which they have invested in for the purposes of the Policy. In addition, in case the investment shall not be in a Cyprus company the applicant and the spouse can be shareholders in Cyprus companies and also hold the position of Director without a salary.
- Parents and in-laws of the main applicant are no longer eligible to apply for Immigration Permit based on the same investment.
- The applicant is required to provide evidence to the Civil Registry and Migration Department, on an annual basis, proving that the investment and the health insurance policies are still maintained. In addition, the applicant and the adult members of the family must provide a clean criminal record from their country of origin as well as from their country of residence every three years.
- The right of residence given to the investor and the adult dependent members of the family is granted for an indefinite period. However, the permit card expires in 10 years from the date of issuance and should be renewed. The residence permit given to the minor dependent family members is valid until they reach the age of 18.
The revised criteria for Cyprus' Immigration Permit for Investors Policy, effective from May 2, 2023, introduce several significant changes. Investors must now meet adjusted payment requirements, adhere to higher annual income thresholds, provide specific documentation such as clean criminal records and health insurance certificates, and comply with updated employment declarations. These updates aim to ensure the program's integrity and align with the government's goal of attracting qualified investors to contribute to Cyprus' economic growth.