New Criteria for Cyprus Investment Programme May 2019
New Criteria for Cyprus Investment Programme
As of the 15 May 2019, investors seeking to obtain Cyprus citizenship should keep in mind the following main changes approved by the Council of Ministers:
An obligation to donate € 75,000 to the Foundation for Research and Innovation in order to encourage the creation of an entrepreneurial innovation ecosystem, with exceptions applying in certain circumstances.
An obligation to donate € 75,000 to the Cyprus Land Development Corporation, in order to implement affordable housing projects and of other housing plans / measures.
Include investments within the shipping sector’s eligible investments, measured by specific criteria. The organisation is able to invest up to € 200,000 in the secondary market of Cyprus’s Stock Exchange.
Include investment in the Registered Alternative Investment Funds eligible investments. The organisation is able to invest up to € 200,000 in the secondary market of Cyprus’s Stock Exchange.
The investor is required to preserve the investment for a minimum of 5 years, starting from the day of neutralization, instead of 3 years.
Government bonds are no longer an acceptable investment within the Programme.
A planning permission, a completion certificate by an architect, and a bank waiver confirming receipt of mortgage payments are required in cases where the investment involves purchasing a real estate property or a permanent residency.
The applicant is require to hold a Schengen Visa before applying for citizenship in Cyprus. In case where the applicant has already applied for citizenship in any other Member State of the European Union and has been rejected, then they will not be entitled to obtain a Cypriot citizenship under the Cyprus Investment Programme.
The applicant is required to hold a residence permit in Cyprus for a minimum of 6 months before being legally entitled to a Cypriot citizenship.
In order to ensure transparent and consistent information, an Annual Implementation Report will be prepared to include the number of citizenship applications, the sector of investments and the nationality of applicants.
Overall, the changes aim to enhance the wider socioeconomic welfare of Cyprus, build trust and establish the efficiency of the Cyprus Investment Programme.
We are registered members of the Cyprus Invest Programme Registry No. 328 and you can contact us for more information and requests freely.