The Cyprus Ministry of Interior has announced important changes to the Golden visa program in Cyprus with stricter criteria, amidst allegations of defects with the scheme reported in the Auditors General Report.
The Decision of the Council of Ministers revised the program May 2023, with stricter criteria aim of streamlining it and limiting its potential abuse.
1. Applicants are required to provide evidence on an annual basis that proves that the beneficiary still maintains the original investment and the required income. In cases where the necessary information is not provided, the immigration permit for investor and his family is cancelled.
2. A clean criminal record from the investor’s country of origin is required every three years.
3. It is necessary to present evidence that confirms that the money for the investment comes exclusively from the applicants themselves and/or their spouse and not from third parties, thus ending the phenomena of abuse that were observed, mainly to the sanctions imposed because of the war in Ukraine are avoided.
4. Funds used for the investment must be proved to have been transferred to Cyprus from abroad, from the applicant’s or/and his/her spouses bank account, provided the spouse will be included as a dependent person in the application. The investment amount should be paid from the applicant’s bank account to the seller’s account in a Cyprus financial institution.
5. Evidence must be provided that the investment money has derived from abroad and is not the result of domestic borrowing (remittances, foreign card payment receipts, bank certificate) and should be linked to the corresponding investments.
6. In addition to the above investment, applicant must be able to prove that he has at his disposal a personal secure annual income of at least €50,000. This annual income increases by €15,000 for his/her spouse and by €10,000 for each of his/her or his/her spouse’s dependent minor child. This income should derive from abroad and may include salaries or wages, pensions, dividends from shares, bank deposits interest, rents, etc.
7. Applicant and his/her spouse shall confirm that they do not intend to undertake any form of employment in the Republic, with the exception of their employment as Directors in a Company in which they have chosen to invest
Under the Cyprus Golden visa regulations, The Civil Registry and Migration department grants long term immigration permit valid for 10 years (indefinite renewals) to foreign investors and third country nationals who invest at least 300,000 Euros in real estate such as..
- Real Estate – Purchase of house or apartment from a development company, which must be a first sale worth at least €300,000 (plus VAT).
- Commercial properties – Purchase of other types of real estate such as offices, shops, hotels or related estate developments east €300,000
- Investment fund – Investment worth €300,000 in units of Cyprus Investment Organization Collective Investments
- Corporate shares – Investment in share capital of a newly registered or existing company. atleast €300,000
The Immigration Permit is issued to the applicant and it covers his/her spouse and their children under the age of 18 as dependent persons. Immigration Permits shall be revoked, the investor and his/her dependents acquire permanent residence abroad or be absent from Cyprus for a period of two years.