The Cyprus Government has implemented from May 2nd the revised criteria for immigration permit for foreign investors.
The revised criteria have been approved with the aim to institutionalize a control mechanism to efficiently monitor the investor in covering the criteria and maintaining the investment in Cyprus. Two European countries, Portugal and Ireland, ended similar programs they had, while other member states decided to review them such as Cyprus.
Based to the previous scheme of permanent residence via investment, the investor could under specific requirements secure an Immigration Permit for his non-dependent adult children, parents and in-laws with just one investment in Cyprus worth €300,000. Now with the revised criteria, no permanent residence permit is granted to any other adult persons if a further investment of €300.000 has not been made. But now under revised specific criteria and evidence, the unmarried children aged between 18 and 25 of an investor are only eligible to obtain permanent residence through his investment.
According to the new criteria the investor should other than the investment of €300.000, be able to prove now that he has at his disposal a personal insured annual income of at least €50,000. The annual income is increased by €15,000 for the spouse and €10,000 for each minor child of the investor and/or his/her spouse. This income can come from wages for work, pensions, stock dividends, interest on deposits, rents, coming from abroad, which will only be proven through his tax return from the country in which he declares tax residence.
If however the applicant chooses to invest in real estate (excluding houses/apartments) or in a Cyprus Company’s share capital or in units of Cyprus Investment Organization of Collective Investments (forms of AIF, AIFLNP, RAIF) then its total income or part of it may also arise from sources originating from activities within Cyprus, provided that it is taxable in Cyprus.
In addition, based to the monitoring mechanism that the Cyprus Government has implemented, the investor will be required, among other things, to provide on an annual basis evidence that he still maintains the initial investment and the required income determined for him and his family. In cases where the holder of the Immigration Permit fails to provide the documents required, the immigration permit of himself and his family will be cancelled.
The amendment of the criteria is mainly so that the investor will not circumvent the spirit of the law in the concept of permanent residence and his permanent resident status.
Complete the below form if you are interested in the Cyprus Immigration Permit for Investors Scheme.
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