The Ministry of Interior informs the public that as of Tuesday, 2 May 2023, revised criteria regarding the expedited procedure for granting immigration permits to applicants who are third country nationals investing in Cyprus will come into force.
The revision of the criteria has been approved by the Council of Ministers on 21 April 2023, with the aim of shielding the process of the Scheme and eliminating weaknesses that were observed and could potentially leave room for exploitation.
The revision sets out differentiated investment and quality criteria, with more stringent parameters in terms of the checks required to obtain an immigration permit, and establishes control and verification mechanisms.
Specifically, under the previous Plan, an investor could obtain an Immigration Permit for both parents and in-laws with only one investment in the Republic in a property worth EUR 300,000. Now with the revision, no permanent residence permit is granted to any other adult persons (see parents and in-laws) who have not themselves invested in Cyprus.
In addition, under the control mechanism, the applicant is required, inter alia, to provide on an annual basis evidence that he/she continues to maintain the original investment and the required income determined for him/her and his/her family. In cases where the Immigration Permit holder fails to provide required documents, the Immigration Permit of the individual and his/her family will be cancelled.
It is noted that applicants who have proven to have filed purchase and sale contracts with the Department of Lands and Surveys between 02/01/2023 and 28/04/2023 will be able to file applications on the basis of the criteria previously in force from 24/03/2021.
For more information on the criteria, interested parties can find more information on the website of the Population and Migration Records Department.
(EFYs/MB/EXP)
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