As of 2 May 2023, non-EU nationals looking to secure an immigration permit through investment in Cyprus will face new conditions, as recently ratified by the country’s Council of Ministers. These stricter criteria aim to enhance the oversight of the permit issuance process, ensuring that investments contribute positively to the Cypriot economy.
The real estate and investment landscape in Cyprus has long attracted non-EU nationals seeking residency through investment. However, to ensure the integrity of this pathway, the government has introduced new compliance measures. These include mandatory annual proof of investment maintenance, accurate income declaration, and private health insurance for those not covered by the local healthcare system.
Prospective investors now have four primary channels for their investment, each requiring a minimum outlay of €300,000 (plus VAT where applicable):
It’s crucial that the investment is maintained throughout the permit’s validity, with any divestment potentially leading to permit cancellation.
The pathway to securing a permit now entails stringent financial criteria:
The revised personal eligibility criteria include:
Applications must be submitted in person or via an authorized representative to the Civil Registry and Migration Department (CRMD), accompanied by all supporting documents and the relevant fees. Following a thorough review process, if all criteria are met, the application advances to the Ministry of Interior for final examination, typically concluded within two months.
These updates mark a significant shift in Cyprus’ approach to investment-based immigration, underscoring the importance of thorough preparation and compliance. For potential investors, understanding and adapting to these changes is crucial. Consulting with experienced property professionals can provide invaluable guidance, ensuring that your investment not only meets the new criteria but also aligns with your long-term residency and financial goals in Cyprus.
Interested parties are advised to consult a reputable consultant to ensure that the information they receive is in accordance with the latest changes in every detail. For further information, feel free to contact us at info@velment.com