Cyprus Revises Foreign Residency Rules

In an attempt to attract foreign investments to the Island and help economic growth, the Cyprus government in March 2021 revised Regulation 6(2) of the Aliens and Immigration Regulations.

These amendments were in tune with the government's general objectives at the time to stimulate and increase foreign investment in areas other than real estate.

Last Friday, the Council of Ministers, in a move that took aback those of us working in the industry, approved a proposal by the Ministry of the Interior to review the criteria for granting permanent residency to investors under provisions of Regulation 6(2) of the Aliens and Immigration Regulation.

The main objective of these reforms is to put in place safeguards and ensure a secure and transparent process that would ultimately benefit the Cypriot economy in the long run by maintaining the integrity of the immigration procedures.