On the 21.02.2018 the Council of Ministers have decided the rename of “The citizenship by investment scheme” to “Cyprus Investment Program”.
On the 13.06.2016 the Council of Ministers, has introduced a Decision amending the criteria for acquiring the Cyprus Citizenship by Investment. The main amendments relate with the reduction on the minimum investment amount to €2 million and the inclusion of the investots’ parents : Investors’ parents can also apply to obtain the Cyprus Citizenship along with the investors’ minor and adult dependent children (up to age of 28).
On the basis of the new conditions a non – Cypriot citizen who meets one of the following financial conditions can apply for the Cyprus Citizenship. In particular, the applicant should:
- Invest at least €2 million for the purchase or construction of immovable property or developemnt creation such as residential or commercial developments, developments in the tourist sector or other infrastructure projects, or
- Invest €2 million in order to purchase, create or participate in businesses or companies based and operating in the Republic of Cyprus. These businesses or companies must have a physical presence in Cyprus, substantial activity and a significant turnover and must also employ at least 5 Cypriot citizens or European Union citizens who during the five years preceding the filing of the application were residing in the Republic of Cyprus, or
- Invest at least €2 million in Alternative Investment Funds, established in Cyprus, licensed and supervised by the Cyprus Securities and Exchange Commission and exclusively making their investments in the Republic of Cyprus.
- The applicant may proceed with a combination of the above, provided that the total investment will amount to a minimum of €2 million.
- In the context of combining investments the applicant may also purchase special government bonds of the Republic of Cyprus of up to €500,000.
In all the cases listed above the applicant must hold a permanent private residence in the Republic of Cyprus, with a market value of at least €500.000 plus VAT. If the market value of the residence exceeds €500,000, part of the additional amount can be used to complete the amount of the investment. In cases where the applicant invest at least €2 million in one or more residential properties then the applicant is not required to further purchase another residence.
Based on the new criteria introduced by the recent resolution, the applicant should be a holder of a Residence Permit prior to the submission of the Citizenship application. If the applicant does not hold a Residence Permit, then an application to obtain the Residence Permit can be submitted simultaneously with the submission of the Citizenship application. We shall undertake to submit both applications to the relevant authorities (Ministry of Interior and Migration Department)
The applicant should have made the necessary investments within the three years preceding the date of the submission of the Citizenship application and must maintain the investment for a period of at least three years from the date of obtaining the Citizenship.
- Must purchase a property in Cyprus
- Purchasers could be just an applicant or just his spouse or the applicant and his spouse or a Cyprus Company as described below.
- The property must be new (not resale)
- The Purchase price must be at least 300,00 Euro (not including VAT)
- At least 200,000 Euro (not including VAT) should be paid to the Vendor
- Proofs of transfer of 200,000 Euros as described above from abroad must be provided
- Contract of Sale must be deposited at the Land Registry
The content of this article intends to provide a general guide to the subject matter. Specialist advice and should be sought on each particular case. For any further information, please contact Mr Panikos Onoufriou at email@example.com