We would like to inform our clients about the recent changes to the Cyprus Investment Programme that offers attractive investment options and a fast track citizenship application. The council of minsters in Cyprus has announced the following changes to make the Cyprus investment programme even more targeted and trustworthy;
*The applicant must have a Schengen visa in order to be able to apply for naturalization.
*The investment should be maintained for 5 years following the date of naturalisation, instead of 3 years.
*Investment requirement for residential properties is kept at €2,000,000. Investment in other sectors is €2.500.000.
Any application which includes resale property already used for a previous Citizenship application by other applicant, increases the amount of investment for the New Application to €2,500,000.
*The applicant must will have to contribute an additional 150.000 euros into donations and start ups. This will take effect from the 15th May 2019.
On September 13th, 2016 Council of Ministers of Cyprus approved a new program of financial criteria for investors wishing to obtain citizenship of Cyprus.
The new criteria are more attracting than the previous ones, and the most important change is that the amount of investment has been reduced from € 2.5 million to € 2 million.
The applicant must have made an investment of at least €2 million for the purchase or construction of buildings or for the construction of other land development projects (residential or commercial developments, developments in the tourism sector or other infrastructure projects), as well as investment in land.
The applicant must have made an investment of at least €2 million in the purchase, creation or participation in businesses or companies, that are based and operating in the Republic. The investment capital must be used for investment purposes of the business or company exclusively within the Republic of Cyprus on the basis of an investment plan.
These companies or organizations should prove physical presence in Cyprus, with significant activity and turnover and employ at least 5 Cypriots or other citizens of European Union member-states.
The applicant must have purchased units of at least €2 million from AIFs established in Cyprus and licensed and supervised by CYSEC. The investments must be made exclusively in Cyprus and should meet the criteria of this Scheme or be in sectors approved by the Minister of Finance.
The purchase of financial assets of Cypriot businesses or organizations, of at least €2 million, such as debentures, stocks and securities, following the approval of CYSEC, of companies, which have a proven physical presence and substantial financial activity in Cyprus, and which relate to the financing of the investment objectives of the said businesses and organizations exclusively within Cyprus. The assets should be kept for at least 3 years.
The applicant may invest in a combination of the above investments provided that the total investment is at least €2 million.
Based on this criterion, the investor can also make an investment of the amount of € 500,000 in government bonds of Cyprus, which will be issued for this purpose by the Department of Public Debt Management of the Ministry of Finance, on condition that the applicant shall retain the bonds for a period of at least 3 years.
Criminal record: The applicant must have a clean criminal record.
Real estate: The applicant must hold a permanent privately-owned residential real estate, the value of which is not less than € 500,000 + VAT.
Residence permit in Cyprus: The applicant must have residence permit in Cyprus for at least 6 months to obtain citizenship by naturalization.
Required documents for registration: birth certificates, passports and marriage certificate of the applicant and spouse, children’s birth certificates, a certificate of clean criminal record in the name of the applicant and spouse and children over 16 years, the autobiography of all adult family members.
Issuance period: 6 months from the date of submission of the application.