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Cyprus has announced new regulations on foreigners seeking permanent residency by investment (golden visa). The new immigration regulation is set to come into effect on May 2, 2023.
What are the changes?
The investment criteria have stayed the same, but the program will see modifications in dependent eligibility and renewal criteria. The three immediate changes are as follows:
Parents and in-laws no longer counted as dependents
The new regulations lower the range of family members qualifying as the principal applicant's dependents. Unfortunately, parents and parents of the spouse and adult children no longer qualify as dependents. Parents need to qualify independently by making investments of their own.
The minimum income requirement raised
The Cypriot golden visa required a minimum annual income of EUR 30,000 for the principal applicant and EUR 5,000 per additional dependent. The income figures are now increased to EUR 50,000 for the principal applicant, 15,000 for a spouse, and EUR 10,000 for each dependent child.
Proof of sustained investment and income level now required at renewal
On an annual basis, applicants will have to prove that they are still acquiring an income that corresponds at least to the minimum required according to family size. Moreover, applicants must demonstrate they have yet to divest from their original EUR 300,000 minimum investment asset. Investors who fail to provide evidence that they continue to meet the income and investment requirements would notice "their immigration permit and that of their family cancelled," according to the Cypriot Ministry's statement.
While the investment threshold would remain the same at €300,000, it now must be paid in full before starting the application, regardless of the real estate project's delivery status.
Also, the funds must be directly deposited from the main applicant's account or their spouse's if they're included as dependents.
What should you do now?
"If you want to move to Cyprus, the new restrictions will not discourage you."
commented Laszlo Gaal, head of RCP.
Check how to get Cyprus Golden Visa!