The Cypriot Ministry of Interior has announced that new regulations for the country\’s investor permanent residency program, also known as Cyprus Golden Visa, will come into effect on May 2.
The changes, approved by the Cypriot Council of Ministers on April 21, aim to strengthen the program and eliminate potential weaknesses.
While the investment criteria will remain the same, there will be modifications to dependent eligibility and renewal requirements.
The changes include the removal of parents and parents-in-law as qualifying dependents and the requirement for applicants to provide proof of maintained investment and income levels during annual renewal.
Additionally, the minimum income requirement has been raised from EUR 30,000 for the main applicant and an additional EUR 5,000 per dependent to EUR 50,000 for the main applicant, a further 15,000 for a spouse, and EUR 10,000 per child dependent.
The new regulations will not affect those who entered into property purchase contracts with the Department of Lands and Surveys between January 2 and April 28.