On February 13, 2019, the Cyprus Council of Ministers decided to proceed with the revision of the Cyprus Investment Programme (Programme).
Amendments Effective from 26 February 2019
Investments may be replaced during the 3-year period following the date of naturalization subject to prior approval of the Ministry of Finance. This limitation applies to applications submitted until 14 May 2019.
Investments in the shipping sector are eligible on the basis of measurable criteria that will be determined jointly by the Ministry of Finance and the Shipping Deputy Ministry.
Investments in Registered Alternative Investment Funds (RAIFs) are eligible.
Investments in government bonds of the Republic of Cyprus are no longer eligible.
Applicants or any family members, excluding minor children, whose application for citizenship in any other EU country had been rejected are not eligible to apply for the acquisition of the Cypriot citizenship through the Programme.
Applicants and their family members, excluding minor children, must hold a residence permit in Cyprus for a period of at least 6 (six) months prior to their naturalization.
Due diligence checks through an internationally accepted database must be performed for all family members of the applicant, excluding minor children.
Further Amendments Effective from 15 May 2019
Investments must be retained for at least 5 years from the date of naturalization but may be replaced during this period subject to prior approval of the Ministry of Finance.
Mandatory donation of at least €75,000 to the Research and Innovation Foundation is required.
Mandatory donation of at least €75,000 to the Cyprus Land Development Corporation is required.
Applicants and their family members, excluding minor children, must hold a valid Schengen visa before applying. Third-country nationals that do not require an entry visa for travelling in EU countries, as well as EU citizens are excluded from this obligation.
Total amount of the investments, including the privately-owned residence, should amount to at least €2,5 million if the applicant has invested in housing units that have already been used for the purpose of acquisition of the Cypriot citizenship through the Programme by another investor and €2mln if they are newly developed.
If the investment is in real estate, a town planning permit must be in place in order for such investment to qualify. A planning permit is also required for the privately-owned residence.
Royal Pine & Associates Limited is registered with the Registry of Service Providers of the Cyprus Investment Programme (registration number 225). For more information please contact email@example.com.
The author of the article is Anastasia Sarkisian.
Anastasia is a legal consultant at Royal Pine & Associates. She is a qualified lawyer with experience in the corporate field and admitted members at the Cyprus Bar Association.