A revised set of criteria on the expedited process for granting immigration permits to third-country nationals who invest in Cyprus will be in effect as of May 2, 2023, the Interior Ministry announced on Friday.

The revised criteria have been approved by the Council of Ministers, on April 21, 2023, it is 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, the Ministry said, while now, with the revision, no permanent residence permit is granted to any other adults, such as parents and in-laws, who have not themselves invested in Cyprus.

“Furthermore, 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 and the required income determined for them and their family,” it noted. If the holder of the immigration permit fails to provide the documents required, their immigration permit and that of their family, will be cancelled, it adds.

It is noted that applicants who have demonstrably filed contracts for the purchase of property with the Department of Lands and Surveys between 02/01/2023 and 28/04/2023, will be able to submit applications based on the criteria that applied previously, from 24/03/2021.