Heavy! Another European country changes politics, Cyprus immigration application is about to be greatly adjusted!

On 21 April, the Cypriot Cabinet approved an internal proposal:

The investment scheme in Cyprus (300000 euros for permanent residence) will be subject to a stricter framework.

The Ministry of the Interior of Cyprus stated that in view of the findings that some of the provisions in force so far need to be re-evaluated, as well as in order to protect the process and eliminate the observed weaknesses, the revised criteria are considered necessary.

The main purpose of the revised standards is to strictly control the investment of those who obtain immigration authorizations by introducing stricter parameters.

1. More stringent standards are defined regarding the checks required to grant immigration permits.

2. Update the authority of the beneficiary.

3. Define control mechanisms to meet standards and maintain investments.

01, a family of three generations of immigrants into a family of two generations

Old: In Cyprus with a minimum investment of 300000 euros, the main applicant, spouse, parents, parents of spouses and adult children can obtain status at the same time.

New: Only the main applicant is allowed to bring his spouse and minor children under the age of 18 to apply for immigration, and adult children are stopped as subsidiary applicants.

02, annual income certificate increased to 50000 euros

Old: The annual income of the principal applicant is at least 30000 euros, with an increase of 5,000 euros for each dependent family member, and 8,000 euros for each dependent parent presiding and/or their spouse's parents

New: the applicant has proof of annual income of at least 50000 euros; For additional spouse, the proof of annual income increases by 15,000 euros; For each additional minor child, the proof of annual income increases by 10,000 euros.

Proof of income can come from wages, pensions, shareholder dividends, permanent deposits, rent, subject to a tax bill.

03. New annual health insurance requirements

Applicants are required to submit documents annually to prove that they maintain their existing investment and the amount of annual income to meet the needs, and the applicant and affiliated applicants must hold health insurance in order to maintain the benefits of Cyprus Medical Insurance GESY.

04 Other Changes

1. Increased residence requirements

2, need to submit proof of no crime

3.300000 Euros to be paid in full

The specific rules will be announced in the near future and are expected to be implemented as soon as May 2.