On April 22, in a move that came as a surprise to many, the Ministry of Interior of Cyprus submitted to the Council of Ministers a number of reforms to the Criteria of granting Permanent Residency to Investors under Category 6.2.
The Minister of Interior Mr Constantinos Ioannou noted that the goal, was to “shield the process and eliminate weaknesses that were observed”
As per the reforms approved, the applicant will be required, among other things, to provide on an annual basis, evidence proving that he still maintains the initial investment and that he continues to receive the required income determined for him and his family.
In cases where the holder of the immigration permit fails to provide the documents required, the immigration permit of himself and his family will be cancelled.
Another change is the increase of the required annual secure income of the main Applicant to €50,000, instead of €30,000, for each minor child to €10,000, instead of €5,000, and for the spouses €15,000.
What is also important is that with this revision, it is no longer possible for the parents, the parents in-law and the adult children of the main Applicant to be granted Permanent Residence as his dependents.
It is rumored that these changes will come into effect on the 2nd of May, however, as soon as they are officially published we shall revert with more details.