The Cypriot government has changed the criteria for granting permanent residence to foreign investors, the changes came into effect on May 2, 2023. The key innovation is that applicants are now required to prove annually that they have maintained their investment and also meet the requirement of income for themselves and their families.
Those who have submitted a sales contract to the Department of Lands before April 28, 2023 will receive permanent residence based on the criteria that were applied above. New applications will already be considered taking into account the innovations.
What changed:
- The minimum purchase amount of real estate to obtain permanent residence remains, as before, at the level of €300,000, while the funds for the purchase of residential real estate must come from abroad. When buying a commercial, income from activities in Cyprus is allowed.
- Permanent residence will be granted to the investor, spouse and their minor children. Student children of the principal applicant between the ages of 18 and 25 may also qualify for permanent residence status. The parents of the principal investor and the parents of the spouse will no longer be able to apply for immigration status.
- The permanent residence holder must annually confirm ownership of the purchased property.
- The holder of the permanent residence must prove the income annually. The amount of the minimum annual income must be €50,000 (before €30,000). For a spouse, the minimum income must be €15,000, for each minor child: €10,000.
The reason for all decisions related to changing the rules for obtaining permanent residence is related to the US and EU sanctions against a certain category of Russians and monitoring compliance with these sanctions, says Marina Popovidu, founder of the real estate agency Antaria Homes in Cyprus.
“Even before these changes, there was information about the closure of accounts at the Bank of Cyprus for Russians who do not live in Cyprus and consider the island solely as a “transit point” for their finances. In the same vein, it is necessary to consider the tightening in the issuance of a permanent residence permit, ”the expert told RB.RU.
Popovidu points out that the changes made it more difficult to obtain a permanent residence permit, but at the same time, the main financial conditions of the program have not changed (for example, the amount that must be invested in real estate to obtain permanent residence has changed). remained unchanged). The expert concluded that interest in the program will continue.
- In January 2023, the Cypriot authorities decided to freeze bank deposits of Russian citizens for a total of 105 million euros. In 2022 alone, the Russians placed 5.6 billion euros in deposits in Cypriot banks.
- In April, the assets of people the US and UK accused of helping Russian billionaires evade sanctions were frozen.
- At the same time, it became known that the largest bank in Cyprus, Bank of Cyprus, would close the accounts of 4,000 Russians. This will affect those who are not residents of EU countries.
Author:
anastasia mariana
Source: RB
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