New criteria for migration in Cyprus
A revised set of criteria on the expedited process for granting immigration permits to third-country nationals who invest in Cyprus come into effect on Tuesday, the island’s Interior Ministry has announced.
The revised criteria were approved by the Council of Ministers, on April 21, it noted, “with the aim of shielding the scheme process and eliminating weaknesses that were observed and could potentially leave room for its exploitation.”
The revision includes stricter parameters regarding the required checks for the granting of an immigration permit, while it defines checks and verification mechanisms.
Based on the previous scheme, the investor could secure an immigration permit for their parents and in-laws with just an investment in the Republic in a property worth 300,000 euros, the ministry said, while now no permanent residence permit is granted to any other adults, such as parents and in-laws, who have not themselves invested in Cyprus.
“As part of the screening mechanism, the applicant is required, among other things, to provide on an annual basis evidence that they continue to maintain the initial investment,” it noted.
