Changes in Cyprus Citizenship by Investment Program to Add a EUR150,000 Compulsory Donation and Tighten Eligibility Criteria from 15th May 2019
New changes to the Cyprus Citizenship by Investment Program (CIP) will come into effect from the 15th of May 2019. The changes were approved by the country’s Cabinet in February 2019 and are meant to increase transparency of the program and benefits to the Cypriot economy.
Key changes include the following:
- All potential applicants will have to possess a valid Schengen visa effective May 15th
- Applicants who have been previously rejected by another European Member State operating a similar program will not be able to apply for the Cyprus Citizenship by Investment program.
- In addition to the main investment, a further compulsory donation of EUR150,000 will be required to be made by all investors – this includes EUR75,000 made to the “Research and Innovation Foundation” and EUR 75,000 to the “Cyprus Land Development Corporation”.
- If a residential property has previously been purchased under the CIP, the required investment will increase from EUR 2 million to EUR 2.5 million. For newly built properties, the investment will remain at EUR 2 million.
- The investor will need to retain their investment for 5 years, instead of only 3 years.
- Investments made within the Cyprus shipping industry or investments made in Registered Alternative Investment Funds (RAIF) will be considered as an eligible for the CIP.
- Investment in Government bonds will no longer be acceptable as a CIP investment.
- For any investments in real estate, the following documents should accompany the application (Effective from 15/5/2019):
a) Planning permit
b) Certificate of completion of the property signed by the architect of the property
c) In the case where a property is under construction, at least 5% of the total value of the property must be blocked in a specific bank account or through a performance bank guarantee. The blocked amount should only be released to the Vendors upon the completion of the property.
d) In cases where a mortgage on the property is acquired, a bank waiver should be in place, in which the mortgaged borrower undertakes to cancel the mortgage once the investor pays the relevant amount due to the lender.
The Cyprus Citizenship by Investment Program is currently one of the fastest and most direct route to citizenship within Europe with a clear and streamlined application procedure. The process from application to acquisition of Cyprus nationality and issuance of a Cyprus passport takes only 6 to 8 months, although this may change when the above amendments come into force in May 2019.
To know more about the Cyprus Citizenship by Investment Program email us on [email protected] , call +97145441449 or fill in the form below and we will be happy to check your eligibility and assist you in your application.
January 31, 2019 Guide
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