Does the income have to stem from employment or would revenue from my investment portfolio also qualify to be included? Also, why is this a condition now?
The income can come from wages for work, pensions, stock dividends, interest on deposits, rents, etc. sourced from abroad, which must be verified through the investor's tax return from the country in which he declares his tax residency. Certain exemptions apply depending on the type of investment made. The Cyprus government has the right to make changes to the scheme and its criteria or even abolish the scheme altogether as it happened with other EU member states recently.
The criteria have become stricter as the government considered the system required stricter monitoring. Please note that payroll and your investment portfolio can be proof of your income.
The investor must provide supporting evidence of a secured annual income of at least €50,000 deriving from abroad. This income must increase by €15,000 for the spouse and €10,000 for each minor child of the applicant and/or his/her spouse. If the applicant chooses to invest in a house/apartment this income shall come from wages for work, pensions, stock dividends, interest on deposits, rents, coming from abroad, which will only be proven through his tax return from the country in which he declares a tax resident. If however the applicant chooses to invest in real estate (excluding houses/apartments) or in a Cyprus company’s share capital or in units of Cyprus Investment Organization of Collective Investments (forms of AIF, AIFLNP, RAIF) then its total income or part of it may also arise from sources originating from activities within the Republic, provided that it is taxable in the Republic. This condition was in force from before but with the difference in the amount of the secured annual income as it was €30.000. The amendment rules demand evidence of €50.000 secured annual income and further the investor will be required to provide on an annual basis evidence 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 documents required, the immigration permit of himself and his family will be cancelled.
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