New Criteria for Fast Track Immigration Permits

In a significant move aimed at bolstering Cyprus’ real estate market and, in turn, the nation’s economy as a whole, the Ministry of Interior decided on 21 April 2023 to amend its existing policy. The decision was prompted by the evident need to reassess certain provisions to further empower and fortify the market.

While the investment amount required for permits remains unchanged, the amended policy introduces control mechanisms to ensure that applicants maintain their investments for the long term. The revised provisions specifically focus on implementing stricter control and verification mechanisms for proposed investments made by third-country nationals seeking relevant permits.

The amendment represents a proactive measure to safeguard the integrity and stability of Cyprus’ real estate sector. By strengthening control measures, the government aims to enhance investor confidence and ensure that investments contribute to the long-term growth and sustainability of the Cypriot economy.

These measures demonstrate Cyprus’ commitment to maintaining a robust and transparent investment environment. By instilling greater accountability and scrutiny into the permit acquisition process, the country seeks to attract reputable investors and facilitate sustainable economic development.

The amended policy serves as a testament to Cyprus’ proactive approach in adapting and fine-tuning its regulatory framework to meet the evolving needs of its real estate market and overall economy. With these enhancements in place, Cyprus aims to position itself as an attractive destination for international investors while safeguarding its economic interests.

The revised criteria were published and put into force on 2 May 2023 and clarifications thereto were issued on 17 May 2023.