Cyprus Decreases Minimum Citizenship Investment to €2 Million
The Cyprus Government has approved revised criteria for granting Cypriot Citizenship by Investment, reducing the minimum investment from €2.5 million to €2 million. The redesigned Cyprus citizenship program will see the below key changes.
Minimum required investment Now Individuals need to invest only €2 million. The collective scheme is abolished. Previously Individual applicants had to invest €5 million or €2.5 through a collective investment scheme. Citizenship for the Investor’s Parents Now The investor’s parents are now entitled to apply for Cyprus citizenship provided they own a permanent Cyprus residence valued at a minimum of €500,000. The investor and his/her parents may now acquire one residential property of a total value of at least €1 million. Previously Investor’s parents didn’t have the right to obtain citizenship under investor’s application. They had to apply individually and invest a minimum of €2.5 million. Investment Options Now The investment in government bonds is now restricted to €500,000. Previously Besides real estate, Cyprus government bonds were a popular investment option for the Citizenship program. Residence Permit Now The applicant must now hold a residence permit in Cyprus to qualify for receiving Cyprus Citizenship. An application for a residence permit should be submitted to the Authorities, and will be issued simultaneously with the filing of the Citizenship application. While there is still no requirement for the investor to live in Cyprus, the investor’s right to reside in Cyprus is now secured until he/she receives the passport. Previously The applicant didn’t receive a residence permit for the period of time between applying and obtaining citizenship. What hasn’t changed
- The passport is issued for the investor’s spouse and all financially-dependent children (up to 28 years old). All next generations of investors retain EU citizenship.
- Dual-citizenship is permitted.
- Cyprus remains one of the fastest routes to EU citizenship through investment - average time of approval is 3 months.
- Besides €2 million investment, an investor must purchase a private residence in Cyprus worth €500,000. If the investment is made in residential property, this requirement is not applicable.
- The investment must be kept for only 3 years, after which the assets can be sold. The Law states that a property of minimum value of €500,000 must be kept as a private residence (this private residence can be rented out to generate rental income.)
- There is no donation to the Cyprus government.
Interested in knowing more about obtaining Cyprus Citizenship through investment? Email [email protected] or call +971 56 728 1124 and we will be more than happy to assist. For updates follow PassPro on LinkedIn, Twitter @PassProNews or Facebook/PassProCitizenship
September 18, 2016 Guide
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