Recently, the Ministry of Interior of Cyprus submitted several reforms to the Council of Ministers regarding the standards for permanent residency for Category 6.2 investors. The Ministry stated that, in light of findings that some provisions in effect thus far need to be reassessed, and to protect the process and eliminate observed weaknesses, the revision of standards is deemed necessary. The main objective of the revised standards is to strictly control the investments of those obtaining immigration permits by introducing stricter parameters. The specific changes are as follows:
The family size will change from three generations to two generations. With this revision, the main applicant's parents, parents-in-law, and adult children will no longer be able to obtain permanent residency as dependents.
The annual income requirement for applicants will be increased. The annual income requirement for the main applicant applying for permanent residency will be raised from €30,000 to €50,000; for each additional minor child, the main applicant's annual income must increase by €10,000; and for a spouse application, an additional €15,000 is required.
An annual review will be conducted, requiring health insurance, and there may be a stipulated minimum residency period in Cyprus. Applicants will need to submit evidence each year to prove they maintain their existing investment and meet the required annual income amount, and they and their family must hold a health insurance certificate to maintain the benefits of the Cyprus healthcare system (GESY). The legislative amendment will involve a requirement for applicants to permanently reside in Cyprus for a specified period. Additionally, a requirement may be added to stipulate a minimum residency period within Cyprus.
At the same time, applicants will need to purchase a property or other building for a minimum of €300,000 in full and submit contracts and invoices as proof at the time of application. Under the current standards, applicants only need to provide approximately €200,000 as a down payment to submit their application.
It is reported that these changes may take effect on May 2, 2023. WorldWay Immigration will keep a close watch and share any new information as soon as it becomes available. It is evident that if the policy is implemented, the difficulty of applying for permanent residency in Cyprus will increase. Interested parties should apply as soon as possible to avoid missing this opportunity!
Since the beginning of this year, immigration programs in various European countries have undergone changes. Opportunities for immigration to Europe are fleeting, and various signs indicate that one cannot afford to wait any longer to immigrate to Europe! Interested investors should seize the current favorable investment opportunity in Cyprus, apply early, obtain residency status early, and benefit early!
Currently, investors can apply for permanent residency in Cyprus starting from an investment of €300,000 for their entire family across three generations. Children can enjoy free public compulsory education and can return to China as overseas Chinese students to take entrance exams, easily gaining admission to top universities such as 985 and 211. At the same time, after obtaining permanent residency in Cyprus and meeting the relevant conditions, they can also apply for a Cyprus EU passport.
WorldWay Immigration Group is your trusted choice for handling immigration to Cyprus. As one of Asia's top 500 brands, WorldWay Immigration Group has maintained good interaction with the Cyprus government for many years. In 2011, we were among the first to introduce the Cyprus permanent residency and citizenship by investment program to China, starting an exciting journey of investment immigration to Europe; in 2014, the "Paphos Night" events in Beijing and Shanghai were investment and cultural exchange activities themed around European cities in China.
For more details, please send us a private message in the comments section or call the WorldWay Immigration service hotline: Mainland China: 400-138-2929, Hong Kong: (852) 2802 8798.
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