Cyprus is moving toward a comprehensive review of its Permanent Residency Program for investors as the country enters the final stages of its preparations to join the Schengen Area. The review could further strengthen Cyprus’s position as a European destination for residency and investment.
According to Cyprus Deputy Minister of Migration Nicholas Ioannides, the government is considering tighter controls on certain aspects of the program and stronger oversight of related investments, particularly as Cyprus is expected to become more attractive to international investors following Schengen accession.
Current discussions also include how qualifying investments could be directed toward sectors such as education, innovation, and defence.
At the same time, authorities are reviewing around 12,000 permanent residence permits issued since 2013 to confirm that holders continue to meet the program’s requirements. Around 1,500 new permits have also been issued over the past two years.
What does this mean for investors?
No new investment requirements or final changes to the program have been announced so far. However, with the program now under review and certain conditions potentially becoming stricter, the current requirements are particularly relevant for investors considering property investment and permanent residency in Cyprus.
If Cyprus is already part of your investment plans, this may be a momentous time to consider applying under the current requirements before any potential changes are introduced.
Contact Reach Immigration today to learn more about Cyprus Permanent Residency program and start your application process.
