Cyprus Citizenship by Investment | Programme Changes
The Cyprus Citizenship by Investment Programme is a fast-track procedure granting EU citizenship to high-net-worth individuals (investors and entrepreneurs) in exchange of investments in the Republic of Cyprus.
Yesterday, on the 14th of September, the Cabinet of Ministers proceeded to the approval of the revised Citizenship by Investment scheme.
The Minister of Finance, Mr. Harris Georgiades, in press statements, mentioned that the amended scheme aims to encourage real investments that would benefit the economy. The Government hopes to convince investors to choose Cyprus as their home base as well as for their business activities.
The main changes
- Abolition of the provisions for the collective investments of €12 million.
- Introduction of individual investments of €2 million in addition to the purchase of a residence of at least € 500.000.
- Termination of the eligibility of individuals with bank deposits that were impaired due to the measures implemented after the March 2013 haircut and of individuals that have purchased bonds worth €2.5 million.
- Eligibility of the applicant’s parents as well under the condition of the purchase of an additional residence worth €500.000.
Where can the applicant invest the required €2 million?
The applicant has several options, among which are the following:
- Purchase and development or real estate for residential and commercial purposes, including inter alia developing in the sector of tourism and in infrastructure. The application should be accompanied by a solid investment plan. For this option, in the event the investment is done on solely residential properties, the purchase of a residence worth € 500.000 is not required.
- Investment in the purchase of shares or incorporation of companies that are headquartered and operate in Cyprus. Such companies are required to employ at least five Cypriot or EU citizens.
- Investments in Alternative Investment Funds that are registered and licensed by CySEC. The applicant can invest in financial assets such as bonds, securities, debentures that are in accordance with the provisions of the scheme.
- A combination of the above is permitted, provided that the total worth of the investments amounts to at least €2 million. Furthermore, the applicant can proceed to the purchase of bonds up to €500.000.
Are there any further conditions?
- Yes, the investments should be maintained in Cyprus for a period of at least 3 years.
For further information on how to obtain Cyprus Citizenship within three months, you can get in touch with our Immigration Team.