The Residency by Investment program in Cyprus has undergone significant amendments as approved by the government. These changes aim to tighten the application process and establish stricter requirements for prospective investors. Among the key modifications are the introduction of a higher minimum annual income threshold, an increased amount for sponsoring dependents, and the implementation of annual income verification for individuals holding residency status. Additionally, adjustments have been made to the eligibility criteria for family members, excluding parents and adult children from obtaining residency under the main applicant’s application.
Under the revised program, applicants seeking residency by investment in Cyprus will face more rigorous scrutiny during the application process. The authorities will conduct a thorough review to ensure that applicants meet the newly defined criteria. One of the notable changes pertains to the minimum annual income requirement, which has been raised to EUR 50,000 from the previous threshold of EUR 30,000. This adjustment aims to attract high-caliber investors who can contribute significantly to the country’s economy.
Moreover, spouse applicants will now need to demonstrate a minimum annual income of EUR 15,000, compared to the previous requirement of EUR 5,000. This higher threshold is intended to ensure that spouses can contribute to the household’s financial stability. Furthermore, the minimum amount required for sponsoring dependents has been increased, emphasizing the financial responsibility associated with obtaining residency through this program.
To maintain the integrity of the Residency by Investment program, holders of the residency status will now be subject to an annual income verification process. This requirement aims to confirm that individuals continue to meet the minimum income threshold and maintain their investments in Cyprus. By implementing this provision, the government aims to ensure the ongoing financial commitment and contribution of residency holders to the country’s economy.
In addition to the aforementioned changes, the eligibility criteria for family members have been revised. Previously, the parents and adult children of the main applicant were able to obtain residency under the main applicant’s application. However, this option has been discontinued, and only the main applicant’s spouse and dependent children will be eligible for residency under the program.
The government’s recent amendments to the Residency by Investment program in Cyprus demonstrate its commitment to maintaining a robust and sustainable investment environment. These changes aim to attract investors who can make a substantial economic impact while ensuring that the program operates with transparency and accountability.
Source: Fragomen
