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CITIZENSHIP BY INVESTMENT IMPORTANT UPDATE – NEW CRITERIA AND PROCEDURE

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On the 13th of September 2016, the Council of Ministers has taken a decision approving revised criteria for the Cyprus Citizenship by Investment Scheme.

THE AMENDMENTS
• Reduction of the investment amount from €5.000.000 to €2.000.000 plus €500.000 for residential property.
• Bank deposits criterion is now abolished.
• Broader range of investments is now possible.

THEREFORE THE CRITERIA AND PROCEDURE ARE NOW AS FOLLOWS:

1. INVESTMENT IN REAL ESTATE
• The applicant should make an investment of at least €2.000.0000 for the purchase or construction of immovable property (residential or commercial)
• There is no requirement for an additional €500.000 investment in a residential property if the applicant has already acquired a residential property of at least €500.000 within the above investment.

2. PURCHASE OR INCORPORATION OR PARTICIPATION IN CYPRUS COMPANIES OR BUSINESSES
• The applicant should purchase, incorporate or participate in companies operating in Cyprus with investment costs of at least €2.000.0000 in line with the investment objectives of the Company.
• The Companies must have physical presence in Cyprus and employ at least five Cypriot or EU citizens who have been legally residing in Cyprus for a continuous period of 5 years.
• Ownership of a residential property of at least €500.000 + VAT

3. INVESTMENT IN ALTERNATIVE INVESTMENT FUNDS (AIFs) OR FINANCIAL ASSETS OF CYPRIOT BUSINESSES AND ORGANISATIONS LICENSED BY CYPRUS SECURITIES AND EXCHANGE COMMISSION (CySEC)
• Investment of €2.000.0000 in AIFs and CySec supervised organisations whose activity is operated in Cyprus.
• Ownership of a residential property of at least €500.000 + VAT

4. COMBINATION OF THE ABOVE INVESTMENTS
• Total amount of €2.000.0000
• Under this criterion the applicant can also invest in government bonds for the amount up to €500.000 which will be issued for this purpose for the period of at least three years.
• Ownership of a residential property of at least €500.000 + VAT

TERMS AND CONDITIONS
• Clean criminal record
• The applicant must hold a residence permit for at least 6 months before applying.

IMPORTANT NOTES
• If the value of the residential property exceeds €500.000 then the excess amount can be calculated and included in the whole investment.
• Family members, who apply separately as investors for the scheme, can collectively acquire one residence as long as its value covers the amount of €500.000 per each applicant.

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