08/05/23

CYPRUS: Ministry Introduces Changes to Its Golden Visa.

As published on schengenvisainfo.com, Monday 8 May, 2023.

Cyprus Ministry of Interior has announced that the new changes applied to the country’s Golden Visa Program, approved on April 21 this year, have become effective.

Last month, the Cypriot Council of Ministers approved new amendments to the program as part of efforts to eliminate weaknesses that were noted and could potentially “leave room for its exploitation”, SchengenVisaInfo.com reports.

The program’s investment criteria remain unchanged; however, modifications in dependent eligibility criteria, as well as renewal criteria, have been introduced.

Among the new changes introduced is reducing the range of family members who qualify alongside the principal applicants as dependents. It means that parents, as well as parents-in-law of the principal applicants as well as spouses, no longer are qualified as dependents.

The minimum income requirement has also been increased. Following the new changes, the annual income for the Cypriot Golden Visa has increased for the principal applicant from €30,000 to €50,000.

In addition, applicants must prove, on a yearly basis, that they are still receiving an income corresponding to the minimum needed according to family size. Besides, investors are also required to prove they have not divested from their original €300,000 minimum investment asset.

According to the Ministry of Interior statement, investors who fail to show they can continue to meet the investment and income requirements would see “their immigration permit and that of their family cancelled.”

However, it has been clarified that the new changes will not include those who entered into property purchase contracts with the Department of Lands and Surveys for a period from January 2 until April 28.

Authorities in Cyprus have introduced the Golden Visa Program for wealthy non-EU citizens who meet specific conditions. In order to acquire residency from the Residency by Investment Schemes of Cyprus, foreign nationals are urged to make a financial contribution to the country and meet the needed criteria.

In addition to the Golden Visa Program, authorities in Cyprus also permitted internationals to acquire citizenship in this country by investing.

The Citizenship by Investment Scheme, which allowed wealthy foreign nationals to acquire citizenship in exchange for an investment made to this country, was abolished after being involved in several illegal acts.

The decision to abolish the Golden Passport scheme came following an investigative report of Al Jazeera, named “The Cyprus Papers”, according to which a large number of nationals together with their family members acquired citizenship in Cyprus were accused of illegal affairs.