The Council of Ministers at its meeting today approved a proposal of the Ministry of Interior for the revision of the criteria for the expedited procedure for the granting of Immigration Permits to third country nationals investing in Cyprus, in application of the provisions of Regulation 6 (2) of the Aliens and Immigration Regulations.
The decision to review the existing policy of the Ministry of Interior, which was aimed at stimulating the real estate market and the economy in general, was taken due to the fact that it has become clear that certain provisions need to be re-evaluated.
In order to shield the process and eliminate weaknesses that have been observed, the Cabinet decision today sets out differentiated investment and quality criteria, with stricter parameters in terms of the checks required for granting immigration permits, and establishes control and verification mechanisms.
In particular, the applicant will be required, inter alia, to provide, on an annual basis, evidence that he/she continues to maintain the initial investment and the required income established for him/her and his/her family.
In cases where the immigration permit holder fails to produce required documents, the immigration permit of the individual and his/her family will be cancelled.
(EFYs)
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