Cyprus Implements Stricter Regulations for Golden Visa Program
The Cypriot government has announced the implementation of stricter regulations for its Permanent Investor Residency program, commonly referred to as the Golden Visa program. The changes were approved by the Council of Ministers in April and came into effect on May 4th, 2023.
The primary aim of the new regulations is to improve the integrity of the program by addressing any loopholes that may have existed previously. The changes are designed to ensure that the program only admits high-quality investors who can make a positive contribution to the economy.
The investment criteria for the Golden Visa program will remain unchanged, with a minimum investment of €300,000 required. However, the eligibility for dependents has been altered. Parents and parents-in-law of the principal applicant and spouse will no longer be considered dependents, and will need to qualify independently by making their own investments.
The minimum annual income requirement for the principal applicant has been raised from €30,000 to €50,000, and the additional income requirement per dependent has also been increased. Applicants will need to provide proof of income on an annual basis to maintain their residency status.
Additionally, applicants will be required to provide proof of their original investment and demonstrate that they have not divested from their minimum investment asset. Failure to do so could result in the cancellation of their residency status, as well as that of their dependents.
The government has clarified that these regulations will not apply to those who entered into contracts to purchase property with the Department of Lands and Surveys between January 2nd and April 28th, 2023. These applicants will still be processed under the previous regulations.
The Golden Visa program has been a significant contributor to the Cypriot economy, attracting foreign investment and boosting the real estate and infrastructure sectors. These new regulations are expected to further enhance the program’s reputation and attract high-quality investors who can make a significant contribution to the country’s economic growth.