On April 23, the Minister of the Interior of Cyprus approved a number of reforms to the criteria for the permanent residence of category 6.2 investors, and the new policy may be implemented on May 2.
The new policy focuses on stricter screening of applicants' personal and family conditions, as well as background and funding sources. The specific changes are as follows:
A family of three generations of immigrants becomes a family of two generations
New Deal:
The main applicant invests 300,000 euros or more in assets in Cyprus, and his spouse and children under the age of 18 can obtain permanent residence status at the same time.
Existing policy:
In addition to the above-mentioned personnel, the main applicant's parents, spouse parents, and adult children can obtain permanent residence status.
＊Through this amendment, Cyprus permanent residence status will no longer be granted to the main applicant's parents, spouse parents and adult children.
Proof of an annual income of at least 50,000 Euros for the main applicant
New Deal:
In addition to the existing investment, the applicant also needs to provide an annual income certificate of at least 50,000 euros; if a spouse is added, the annual income certificate shall be increased by 15,000 euros; for each additional minor child, the annual income certificate shall be increased by 100 million euros.
Existing policy:
In addition to the existing investment, proof of an annual income of at least EUR 30,000 for the main applicant, plus EUR 5,000 for each additional dependent child and EUR 8,000 for each additional dependent parent of the main applicant or spouse.
＊Income can come from wages, pensions, shareholder dividends, permanent deposits, rent, and must be proved by the tax return of the country where the main applicant is filing taxes.
EUR 300,000 investment payment to be paid in full
New Deal:
Regardless of the date of delivery of the property, the applicant needs to pay at least 300,000 euros (excluding VAT) in full and provide an official receipt.
Existing policy:
Applicants only need to pay 200,000 euros as a down payment to submit an application.
The review process will be shortened to 2 months
If the applicant meets all requirements and can provide a clean criminal record, the application is forwarded to the Minister for review and decision, which is expected to take two months.
Annual income and health insurance review will be conducted every year
Applicants are required to submit materials every year to prove that they maintain their existing investments and their annual income meets the requirements.
And applicants and dependent applicants must hold health insurance to maintain the benefits of Cyprus medical insurance GESY.
other changes
1) Increase the residence requirement;
2) A certificate of no criminal record is required;
3) Applicants and their families must provide proof of health insurance covering inpatient and outpatient treatment.
* The detailed rules are subject to the final published legal provisions.
Under the general trend of closing down immigration policies, raising prices, and raising thresholds in European countries such as Ireland, Portugal, and Greece, it seems reasonable for Cyprus to tighten investment policies this time.
The opportunity to emigrate to Europe is fleeting and should be cherished.
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