Investor visa: new rules
The process of obtaining a Cyprus 6.2 residence permit or investor visa has changed. Let’s look at the amendments.
Cyprus remains one of the few jurisdictions that grants permanent residence permits to Russian citizens in a relaxed format, while many countries have refused to issue visas to Russians or have complicated the rules for obtaining them. In 2022, Cyprus issued a record number of permanent residence permits to Russian citizens. This year, the program decided to slightly adjust, and this is not the first change – initially they talked about a minimum investment of 500,000 euros, but so far the amount has remained the same – 300,000 euros.
Newly appointed Interior Minister Konstantinos Ioannou (former health minister) said the PML investment program needs changes to “eliminate weaknesses” in the existing rules.
WHAT’S IN STORE FOR US?
The minimum investment amount – remains unchanged at €300,000. Investments are possible in real estate or in a company in Cyprus that employs at least five employees – also unchanged.
What has changed? Now you need to invest a minimum of 300,000 euros before applying, and previously it was possible to apply for a residence permit immediately after contributing part of the investment of 200,000 euros.
It’s not that scary yet, is it? Let’s move on.
The annual annual income must now be at least €50,000 per year (instead of €30,000) for the main applicant, plus €15,000 for the spouse and €10,000 for each minor child, instead of the former €5,000 for each dependent.
each minor child, instead of the previous €5,000 for each dependent. Income is also verified by a tax return or an accountant. In the first announcement of the changes it was mentioned that it was necessary to confirm the income annually, but after a couple of weeks this change was removed, as it was considered impractical and too resource-intensive.
WHAT ABOUT GRANDMOTHERS?
Previously, by showing an additional 8,000 euros on the tax return for each person, it was possible to obtain a residence permit for parents and spouse’s parents as well, all on a single investment of 300,000 euros. Now, in order to obtain a residence permit, grandparents must not only invest themselves, but also meet the new income requirements.
But for parents and parents of the spouse can be issued a residence permit is quite simple, providing their address of residence and income.
Under the new rules, without additional investment, only spouses and minor children of the applicant until they reach the age of 18 are granted permanent residence. Unmarried children between the ages of 18 and 25 can also obtain permanent residence if they are pursuing higher education and their parents can provide an additional 10,000 euros per dependent.
ONE OF THE MAJOR AND MUCH-TALKED-ABOUT CHANGES HAS BEEN CANCELED
The most talked about of the announced changes was the need to prove annually that the applicant’s annual income meets the minimum requirements for him/her and his/her family members – this requirement has been eliminated.
What remains: the applicant and adult dependents need to provide
a criminal record every three years.
Proof of investment retention and health insurance (if not registered with GESI) for all family members must be submitted once a year.
Not everything is clear, and we are awaiting new clarifications:
• How, to whom and where to submit data every year?
• What about those who have already received a residence permit under the old rules?
• Minor children get a PML until 18, but adults forever? It’s a little confusing.
IT’S NOT THAT BAD.
Let’s summarize: what has changed? Almost nothing. The amount of investment has remained the same, holders of a residence permit have the right to use GESI, instead of paying for private health insurance, preservation of investments has always been a requirement, and even if the applicant or members of his family “nashayut”, records in the certificate of criminal record are considered individually and are not always grounds for deprivation of residence permit.
So, it’s safe to say that Cyprus is still a great place to live.
with a profitable program of permanent residency on investment, and an excellent destination for investment. All those interested in applying for a residence permit are advised to take seriously the collection of documents and contact a professional, as each application is considered individually, and the smallest details can affect the final decision. Preliminary familiarization with the prepared package of documents will help us to advise the applicant for successful representation in the immigration services of Cyprus.
For information on the package of documents, the cost of registration and other issues, please contact us and we will be happy to advise you.
You can contact us and we will be happy to advise you. Our office provides remote consultations on the issue of applying for a residence permit.
You can make a request by calling +357 96 32 91 91 (Whatsapp/Viber) or send a request to e.almanova@almanovalaw.cy.
