The Cyprus Golden Visa rule changed again!
Published at: 12/05/2023 08:09 am
Parents do not qualify any more, the minimum income requirement increased, and the renewal has become more challenging. Let's see the details!
The new amendments to the law entered into force according to the announcement of the Cyprus Ministry of Interior.
The law has three main changes to "shield the scheme's process and eliminate weaknesses that were observed and could potentially leave room for its exploitation."
Most importantly, the necessary investment amount stayed the same. But three primary amendments replaced some of the most critical issues of the Cypriot Golden Visa Program.
Parents are no longer considered close family members and do not qualify.
The minimum monthly or annual income requirement increased. From May 2023, the minimum yearly income must reach 50,000 EUR for the primary applicants, an additional 15,000 euros for the spouse and more than 10,000 euros per dependent child.
The successful residents must prove annually that they reach the minimum income limit, according to their family's size. If the investor or their family members do not qualify for the rules, their authorities will cancel their immigration permits.
The new regulation affects only those applicants who started their processes after May 2023.
Remember, Cyprus still offers one of the most usable permanent residency solutions in the European Union. As a holder of the Cypriot PR permit, you are allowed to live in Europe. Meanwhile, you do not have to become a tax resident here, and staying in Cyprus is no obligation. However, it is enough to stay 60 days per year in the country to become a tax resident, and Cyprus offers one of the most affordable tax burdens in the EU, which is considered a tax hell. Moreover, you can become a citizen in Cyprus.
The most unchanged requirement of the Cyprus Golden Visa Program is that you must buy real estate for at least 300,000 euros.
Discus Holdings Ltd's experts have vast experience in Cyprus. Contact here our local representative and obtain all the necessary information and guidance you need to become a permanent resident of the European Union!