{"id":56865,"date":"2023-06-24T01:49:38","date_gmt":"2023-06-24T05:49:38","guid":{"rendered":"https:\/\/www.investmentimmigration.com\/?p=56865"},"modified":"2023-06-24T01:49:38","modified_gmt":"2023-06-24T05:49:38","slug":"cyprus-golden-visa-revamp-investments-unchanged-but-fewer-dependents-and-tougher-compliance","status":"publish","type":"post","link":"https:\/\/www.investmentimmigration.com\/cyprus-golden-visa-revamp-investments-unchanged-but-fewer-dependents-and-tougher-compliance\/","title":{"rendered":"Cyprus Golden Visa Revamp: Investments Unchanged but Fewer Dependents and Tougher Compliance"},"content":{"rendered":"

Cyprus has revamped its\u00a0permanent residence by investment program<\/a>\u00a0and introduced major changes aimed at improving transparency and creating long-term benefits for its economy.<\/p>\n

While better control mechanisms and transparency are good for the program, the changes are unlikely to cheer investors since fewer dependents can qualify in a single application and successful applicants will face stricter compliance.<\/p>\n

Full Deployment of Investment When Applying<\/h3>\n

Applicants won\u2019t have to shell out more to qualify for permanent residence under the revamped program. Minimum investment requirements remain unchanged \u2013 \u20ac300,000 in a property or in a Cyprus-based company employing at least five people.<\/p>\n

However, applicants will now have to submit proof of payment of \u20ac300,000 excluding VAT at the time of submission of the application. Under the old rules, the applicant was required to submit proof of payment of \u20ac200,000 only.<\/p>\n

\n

Read More<\/strong><\/p>\n

Spain Contemplates Closing Its Golden Visa Program<\/a>
\nThree Reasons Why 2023 May Be The Best Time To Apply For The EB-5 Visa<\/a>
\nSt. Kitts CIP Offers Limited-Time Benefits Until June 2023<\/a>
\nIreland Shuts Its Immigrant Investor Program<\/a><\/p>\n

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Dependent Parents, In-Laws, Adult Children Excluded<\/h3>\n

The number of dependents who can be included in the application has been reduced significantly. Earlier, the applicant could include dependent parents, dependent in-laws, and even dependent adult children and everybody could qualify for permanent residence together.<\/p>\n

If an investor wants to obtain Cypriot permanent residence for these dependent relatives, then an independent application with separate investments will be required.<\/p>\n

The only exception here is for unmarried children aged between 18 and 25, provided they submit proof of being higher education students.<\/p>\n

Higher Annual Income Requirements<\/h3>\n

Under the old rules, the main applicant was required to show an annual secure income of \u20ac30,000 and an additional \u20ac5,000 per dependent.<\/p>\n

This has now been increased to \u20ac50,000 for the applicant, \u20ac15,000 for the spouse and \u20ac10,000 per dependent minor child or dependent adult child who is a student aged under 25.<\/p>\n

So, secure annual income requirement for a couple and their two children has risen from \u20ac45,000 under the old rules to \u20ac85,000 under the new rules.<\/p>\n

Annual Submissions<\/h3>\n

Going ahead, the investor will have to make annual submissions providing proof that the original investment is being maintained and that the required annual income for all those included in the application is being received in Cyprus.<\/p>\n

Failure to comply with this submission requirement can lead to cancellation of permanent residence status of the applicant and his or her family.<\/p>\n

Impact of the New Rules<\/h3>\n

At a time when EU countries have either ended or are seriously considering ending their golden visa programs, the fact that Cyprus chose not to go down that route is a plus for investors.<\/p>\n

Minimum investments remaining unchanged, unlike Greece\u2019s decision to implement a 100 percent hike in investment requirements for specific cities and regions, is also a plus.<\/p>\n

The higher annual income requirement is a negative but it is unlikely to discourage an investor willing to shell out \u20ac300,000 for a home in Cyprus.<\/p>\n

However, the annual submission requirement combined with the penalty of termination of PR status will be considered negatively by investors.<\/p>\n

With fewer options and uncertainty around the future of golden visa programs in the EU, the new rules for Cyprus\u2019s permanent residence by investment program is unlikely to dampen investor sentiment.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cyprus has revamped its\u00a0permanent residence by investment program\u00a0and introduced major changes aimed at improving transparency and creating long-term benefits for its economy. While better control mechanisms and transparency are good for the program, the changes are unlikely to cheer investors since fewer dependents can qualify in a single application and successful applicants will face stricter…<\/p>\n","protected":false},"author":8,"featured_media":56236,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"footnotes":"","_jetpack_memberships_contains_paid_content":false,"jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[454],"tags":[],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.investmentimmigration.com\/wp-content\/uploads\/2020\/09\/Cyprus_216828977-scaled.jpeg","jetpack_shortlink":"https:\/\/wp.me\/p8hnWW-eNb","jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.investmentimmigration.com\/wp-json\/wp\/v2\/posts\/56865"}],"collection":[{"href":"https:\/\/www.investmentimmigration.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmentimmigration.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmentimmigration.com\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmentimmigration.com\/wp-json\/wp\/v2\/comments?post=56865"}],"version-history":[{"count":1,"href":"https:\/\/www.investmentimmigration.com\/wp-json\/wp\/v2\/posts\/56865\/revisions"}],"predecessor-version":[{"id":56866,"href":"https:\/\/www.investmentimmigration.com\/wp-json\/wp\/v2\/posts\/56865\/revisions\/56866"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.investmentimmigration.com\/wp-json\/wp\/v2\/media\/56236"}],"wp:attachment":[{"href":"https:\/\/www.investmentimmigration.com\/wp-json\/wp\/v2\/media?parent=56865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmentimmigration.com\/wp-json\/wp\/v2\/categories?post=56865"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmentimmigration.com\/wp-json\/wp\/v2\/tags?post=56865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}