Updates on Migration Law Cyprus

The Council of Ministers, during their Session on 21/04/2023, approved a proposal from the Ministry of the Interior for the revision of the criteria, relating to the rapid process of granting Immigration Permits to third-country nationals who invest in Cyprus, pursuant to the provisions of Regulation 6 (2) of the Aliens and Immigration Regulations.

The decision to revise the existing policy of the Ministry of the Interior, which aimed to stimulate the real estate market, but also more broadly the economy, was taken since it has become clear that some provisions need to be re-evaluated.

To shield the process and eliminate weaknesses that were observed, in today's Ministerial decision, differentiated investment and quality criteria are defined with stricter parameters regarding the required controls for the granting of an immigration permit, while control and verification mechanisms are defined.

In particular, the applicant will be required, among other things, to provide on an annual basis evidence proving that he still maintains the initial investment and the required income determined for him and his family.

In cases where the holder of the immigration permit fails to provide the required documents, the immigration permit of himself and his family will be cancelled.

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