New Deal for Cyprus Permanent Residence Project, Renewal Requires Proof of Continuous Investment

The Cabinet of Ministers of Cyprus approved a new immigration policy for Cyprus on 21 April, with the aim of ensuring process compliance for the Cyprus Permanent Residence Program and preventing potential risks of abuse. Experts said that although the investment requirements for immigrants have not changed, major changes have taken place in the requirements for immigrant applicants and the renewal policy. The following EasyGo easy travel international for you one by one interpretation ~

The three major changes in the conditions of the Cyprus Permanent Residence Project are as follows:

1, the main applicant's parents and parents-in-law are no longer regarded as family members.

The new policy narrows the scope of family members who apply together with the main application but as family members. The parents of the applicant's parents and their spouses are no longer considered dependants. In the future, these people will need to invest themselves and apply separately.

In the old policy, the main applicant only needs to invest more than 300000 euros in assets in Cyprus. The applicant's spouse, children and parents under the age of 25, and the spouse's parents can all get permanent residence in Cyprus at the same time and enjoy the local benefits of Cyprus.

However, in the New Deal, the main applicant can only bring his spouse and children under the age of 18 to get permanent residence in Cyprus. The parents of the main applicant and the parents of the spouse cannot get the status together, and the age of the children is also increased. With more restrictions, adult children will no longer be able to follow their parents to get the status of Cyprus.

2, the minimum monthly income requirements to increase

Previously, the Cyprus Golden Visa required a minimum annual income of 30000 euros for the main applicant, plus an additional family member plus 5,000 euros. These figures have now been raised to a minimum annual income of 50000 euros for the main applicant, 15000 euros for the spouse and an additional 10000 euros for one more child.

In the old policy, the main applicant only needs to prove that his annual income reaches 30000 euros. For each additional dependent family member, the annual income that needs to be proved will increase by 5000 euros, and for each additional dependent parent, the annual income that needs to be proved will increase by 8000 euros.

After the introduction of the new policy, the annual income that the main applicant needs to prove has increased from 30000 euros to 50000 euros. If the spouse acquires Cyprus with the main applicant, the annual income that the main applicant needs to prove will increase by 15000 euros, and for every additional minor child, the annual income that needs to be proved will increase by 10000 euros.

This means that under the old policy, if all eight members of the family want to obtain Cyprus status, including the parents of the main applicant and his spouse (4), the main applicant and his spouse (2), and the children of the main applicant (2), the main applicant must prove that his annual income is 77000 euros.

Under the new policy, if you want the whole family to obtain Cyprus status, including the main applicant and his spouse (2), and the minor children of the main applicant (2), the main applicant needs to prove that his annual income reaches 85000 euros.

3. Proof of continuous investment and proof of income level are required for renewal.

Applicants will need to demonstrate annually that their income level is appropriate for the family size. In addition, the investor needs to prove that the original € 300000 investment has not been withdrawn. According to the Home Office statement, investors who are unable to prove that they consistently meet their income levels as well as proof of investment "will lose their immigration clearance and that of their dependents".

The New Deal requires applicants to log in to Cyprus once every two years. The specific provisions of this article are not clear and may change later.

In general, the investment requirements under the new policy for permanent residence projects in Cyprus remain unchanged, but the renewal requirements are more stringent. The new policy will not affect people who have filed house purchase contracts with the Ministry of Land and Resources between January 2, 2023 and April 28, 2023, and the government will process their applications in accordance with the old policy.