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ARTICLE · 17 MAY 2023

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May 2023: Revision Of The Permanent Residency Rules In Cyprus

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In March of 2021, the Cypriot government made revisions to Regulation 6(2) of the Aliens and Immigration Regulations, with the aim of attracting foreign investments to the island.

CyprusImmigration
Gaia Sargsyan
Gaia Sargsyan
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In March of 2021, the Cypriot government made revisions to Regulation 6(2) of the Aliens and Immigration Regulations, with the aim of attracting foreign investments to the island and with the aim of promoting economic growth.

These amendments were part of the government's broader strategy to stimulate foreign investment in sectors beyond real estate.

The Council of Ministers recently approved a proposal by the Ministry of Interior to review the criteria for granting Permanent Residency to Investors under Regulation 6(2) of the Aliens and Immigration Regulations.

The primary objective of these reforms is to establish safeguards and ensure a secure and transparent process, which will ultimately benefit the Cypriot economy in the long-term by maintaining the integrity of immigration procedures.

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