The main changes to the Cyprus Investment Programme which will take place on the 15th of May 2019.
- Investment requirement for residential properties is kept at €2,000,000. Investment in other sectors is €2,500,000. Any application which includes resale property already used for a previous Citizenship application by another applicant, increases the amount of investment for the New Application to €2,500,000.
- A donation of €75,000 for Research and Innovation will be mandatory.
- A donation of €75,000 to the Cyprus Land Development Corporation to fund affordable housing will be mandatory.
- The investment should be maintained for 5 years following the date of naturalization, instead of 3 years. During the 5-year period, the investor will be able to change his investment, provided that consent will be granted in this regard by the Ministry of Finance.
- If the investment is in real estate, a planning permit must be in place in order for such investment to qualify.
- Shipping will be included in the investment sectors, while investing in government bonds shall no longer be available.
- A limitation of 700 Applications Per Year
- Applicants will now need to be in possession of a Schengen visa when submitting an application
- An applicant who has applied for the acquisition of citizenship in any other Member State of the European Union and has been rejected will not be entitled to acquire Cypriot citizenship within the framework of the Cyprus Investment Programme.
- Due diligence and background checks shall be carried out by a specialized foreign firm for each and every application.
- The applicant should be in possession of a residence permit in the Republic of Cyprus for at least six months prior to naturalization as a Cypriot citizen.
Investors who are interested in obtaining Cyprus citizenship have the unique opportunity to save anything between €150,000 to €650,000 before new changes will come into effect.
