11th March, 2019
On February 13, 2019, the Cyprus Council of Ministers decided to proceed with the revision of the Cyprus Investment Programme.
The changes to the Programme are designed to increase transparency and to support the economy in general.
AMENDMENTS EFFECTIVE AS OF 26TH FEBRUARY 2019
1. Investments in the shipping industry have been included in the eligible investments, on the basis of contribution to the Cyprus economy in line with measurable criteria to be set by the Ministry of Finance and the Shipping Deputy Ministry.
2. The option to invest in Cyprus Government Bonds has been abolished.
3. Investment in a Registered Alternative Investment Fund (RAIF) are now eligible, in addition to investments in an Alternative Investment Fund (AIF) established in the Republic of Cyprus. These Funds can also invest up to €200.000 in securities traded on the secondary market of the Cyprus Stock Exchange.
4. Applicants or any family members, excluding minor children, whose application for citizenship in any other EU country had been rejected, are not eligible to apply for the acquisition of the Cypriot Citizenship through the Cyprus Investment Programme.
5. Applicants and their family members, excluding minor children, must hold a Residence Permit in Cyprus for a period of at least 6 months prior to their Naturalization.
6. Due diligence checks through an internationally accepted database must be performed for all family members of the applicant, excluding minor children.
AMENDMENTS EFFECTIVE AS OF 15TH MAY 2019
1. Donation of €75.000 to the Cyprus Land Development Corporation which is one of the main government bodies responsible for the government’s housing policy.
2. Donation of €75.000 to the Research Promotion Foundation which is the National agency supporting research/technology/innovation. If an applicant has invested 20% of his/her main investment (€400.000) in a Cyprus company operating in specific sectors set in the Decision, he/she will be exempted from this requirement.
3. In case an applicant is applying on the basis of investment in residential property/ies which have been previously used for the purpose of the Cyprus Investment Programme, the total investment amount is increased from EUR 2m to EUR 2.5m. The total investment for newly built properties will remain at EUR 2m.
4. Applicants and their family members, excluding minor children, must be holders of a Schengen Visa prior to submitting a citizenship application. Third-country nationals that do not require an entry visa for travelling in EU countries, as well as EU citizens are excluded from this obligation.
5. The applicants must hold the investments for a period of 5 years from the date of Naturalization, instead of 3 years which is with the current Programme. If an investor wishes to change his/her investment within the 5-year period, he/she should firstly obtain approval from the Ministry of Finance.
6. If the investment is in real estate, a Town Planning Permit must be in place in order for such investment to qualify. A planning permit is also required for the privately-owned residence.
7. Submission of a ‘Completion Certificate’ executed by the Architect of the Project. In case of a property which is currently under development, 5% of the value of the property must be maintained in a special bank account or secured through a Performance Bank Guarantee from the seller.
8. Confirmation from the mortgage holder (i.e. the Bank), to the benefit of which the subject property is mortgaged / secured, that it undertakes to lift the respective mortgage charge, provided that the investor or the seller will pay the Bank the full amount which is stated on the relevant Confirmation (Bank Waiver letter).
If you are considering obtaining the Cyprus Citizenship, do so before May 15th and take advantage of all current benefits.
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