Changes to the Cypriot Citizenship by Investment programme
Earlier in 2019, the government of Cyprus introduced new criteria and terms based on which non–Cypriot entrepreneurs/ investors and members of their families may submit applications in accordance with the provisions of the “Programme”.
The changes aim to enhance the trustworthiness of the Programme which has been much-criticised as the easy way towards ‘golden passports’.
The programme’s stricter criteria aim to ensure due diligence procedures are more stringent and effective. Such as the measure of thorough scrutiny of each applicant carried out by an independent international house.
A highlight of some of the key criteria can be seen below:
Investment of €2 Million euros into Property to be kept for a period of 5 years
To retain an investment of €500,000 in property for life after the 5 year period
Mandatory Donation totalling €150,000 to the Foundation for Research and Innovation & to the Cyprus Land Development Organisation.
The applicant must have a Schengen visa in order to be able to apply for naturalization
Where the investment relates to the purchase of real estate or property as well as in the case of a permanent homeowner, planning permission, a completion certificate and a bank waiver will be required.
An applicant who has applied for the acquisition of citizenship in any other Member State of the European Union and has been rejected will not be entitled to acquire Cypriot citizenship within the framework of the Cyprus Investment Programme.
For more information about investing in Cyprus contact the team on +357 25 31 31 81 or visit www.ipncyprus.com