Cyprus Announces Updated Golden Visa Regulations

Cyprus has recently made important updates to its Golden Visa program. In this blog, we will discuss the new regulations and their impact on potential investors and their families.

New Regulations for Cyprus Golden Visa Program

On Friday, the Ministry of Interior in Cyprus declared that changes to its investor permanent residency (Golden Visa) program will be implemented on May 2nd. The Cypriot Council of Ministers approved these changes on April 21st to strengthen the program’s process and eliminate vulnerabilities that could lead to exploitation.

Although the investment criteria for the permanent residency program remains the same, the eligibility and renewal requirements for dependents have been changed. The three main adjustments to the program’s conditions include:

1. Exclusion of Parents and In-Laws as DependentsUnder the updated rules, the scope of family members who can be considered as dependents alongside the main applicants has been narrowed. Parents and parents-in-law of the primary applicant and spouse will no longer be eligible as dependents. They will now have to qualify independently by making their own investments.
2. Increased Minimum Income RequirementThe previous minimum annual income requirements for the Cypriot golden visa were set at €30,000 for the main applicant, with an additional €5,000 per dependent. The updated regulations raise these figures to €50,000 for the primary applicant, an additional €15,000 for a spouse, and €10,000 per child dependent.
3. Annual Verification of Investment and Income LevelsApplicants must now provide yearly evidence that they continue to receive an income that meets the minimum requirements based on family size. Additionally, investors must demonstrate that they have not divested from their original €300,000 minimum investment asset. Failure to meet these requirements will result in the cancellation of their residency and that of their family members, as stated by the Ministry.

These new regulations will not impact those who signed property purchase contracts with the Department of Lands and Surveys between January 2, 2023, and April 28, 2023. Applications from this group will be processed under the previous regulations.

Please note: The € symbol represents euros.

Conclusion

The updated regulations for the Cyprus Golden Visa Program are designed to ensure a more robust and transparent process for investors seeking permanent residency. These changes address potential vulnerabilities and demonstrate Cyprus’ commitment to maintaining the integrity of its investor programs. As a result, the new regulations will likely benefit both the country and its investors in the long run.