Investor visa: new rules

Investor visa: new rules

The new Minister of Interior, Constantinos Ioannou (former Minister of Health), said that the permanent residence investment program requires changes to fill gaps in existing rules.

The minimum investment amount has remained unchanged and is 300,000 euros. Investments are possible in real estate or in a company in Cyprus that employs at least five employees – there are also no changes here.

You now need to invest a minimum of €300,000 before applying. Previously, it was possible to apply for permanent residence immediately after making a contribution of part of the investment of 200,000 euros.

Annual annual income must now be at least €50,000 per year (instead of €30,000) per main applicant. For a spouse – 15,000 euros and 10,000 euros for each minor child (previously it was 5,000 euros for each dependent). Income is also verified by a tax return or an accountant. The first announcement of the changes stated the need to confirm income annually, but after a couple of weeks this change was removed as it was considered inappropriate.

Previously, by showing an additional 8,000 euros in the tax return for each dependent, it was possible to obtain permanent residence also for the parents. Now, in order to obtain permanent residence, grandparents must not only invest themselves, but also meet new income requirements.

The most discussed of the announced changes was the need to annually prove that the applicant’s annual income meets the minimum requirements established for him and his family members – this requirement was removed.

Confirmation of the preservation of investments and medical insurance (if there is no registration in GeSI) for all family members must be provided once a year.

Please note that this article is for informational purposes only. For further advice, please contact us at the contacts listed on the site.