On the 24th of March, 2021 the changes to the Cyprus Permanent Residency Program (fast-track procedure) were announced by the Ministry of Interior and entered into force.
The revised program has now become more attractive for foreign investors:
- the requirement to deposit 30,000 euro in a Cypriot Bank for 3 years is abolished;
- new investment categories are added, giving the investors more choice.
Apart from residential properties, from now on the applicant can also invest 300,000 euro (plus VAT if applicable) in other categories:
- commercial properties, such as offices, shops, hotels or similar projects;
- share capital of a Cyprus Company with activities and staff in Cyprus;
- shares of Cyprus Investment Collective Funds (type AIF, AIFLNP, RAIF).
The investor has to provide the proof of an annual income of 30,000 euro, plus 5,000 euro for each dependent member of the family and 8,000 euro for each parent. The source of the income has to be outside Cyprus.
Follow the link for detailed information: https://vizus-property.com/page/pr-in-cyprus