Cyprus has tightened the rules for obtaining permanent residence for investment

Cyprus has made changes to its Golden Visa program, tightening requirements for investors. The new rules came into force on May 2, 2023. Here are the main changes:

• The main applicant's parents, as well as the spouse's parents, can no longer be included as dependents on the visa application. To qualify for permanent residence in Cyprus, they must make their own investments.
• The minimum annual income requirement for the main applicant has increased from €30,000 to €50,000. An additional €15,000 per year must now be shown for a spouse, and €10,000 for a child. At the same time, children up to 25 years of age inclusive can be included in the application, provided that they are studying at a foreign university.
• Permanent residence holders will be required to provide evidence annually that they continue to meet minimum income and investment requirements. This means that investors must now prove that they have maintained an initial minimum investment asset of €300,000. Failure to meet this requirement may result in the permanent residence permit being revoked.

These changes do not affect applications from investors who entered into property purchase agreements with the Department of Lands and Surveys before 28 April 2023.

Amendments to the law were made to prevent the program from being used for money laundering. In 2020, the Cyprus government canceled the citizenship by investment program for the same reason, following an investigation by Al Jazeera.