Update on Cyprus citizenship by investment program

Cyprus is an island state in the eastern Mediterranean Sea that is famous for its rich mineral deposits, excellent wines and beautiful natural sceneries. It is the third largest and third most populous island in the Mediterranean.  The country has breathtakingly tall mountains, fertile valleys and vast beaches. Its culture, language and history have a blend of both European and Middle Eastern influences due to its location nestled between both areas. Cyprus is a favourite tourist destination,  the largest group being tourists from Europe. It is also an ideal place for many expats to settle thanks to the high-quality living standards– it is a very safe country. .

Are you interested in becoming a citizen of Cyprus? The Cypriot citizenship-by-investment program is the easiest route by which you can do this.  Firstly, you must seek the services of immigration experts and lawyers to help you obtain a cyprus investor visa. You must  also start to work on  fulfilling the other requirements that enable you to get the country’s citizenship-by-investment. The renowned immigration agents have years of experience in handling immigration matters and will work with the best lawyers and partners to make sure your investments will give you high monetary yields. Also, they will do all it takes to  grant you a passport in the shortest time possible, sometimes within 6 to 7 months.

Changes to the citizenship-by-investment program

In September 2016, the Government of the Republic of Cyprus announced some significant changes to the citizenship-by-investment program. The changes became effective from 1st November 2016. The purpose of the amendments is to attract more investors and to increase foreign direct investment. The changes to the citizenship-by-investment program were designed  to be beneficial to all applicants. The changes are the following:

A reduced minimum investment obligation of EUR 2 million down from EUR 2.5 million for any of the investment options.

According to the revised plan, applicant investors will henceforth not only have to invest less money but they will also acquire a residency permit together with the citizenship.  This grants investors the right to live, work and study in the 28 European Union member states.

Applicants can now include dependent parents in th ecitizenship application.

Upon the investment of an additional EUR 500,000 + VAT in the purchase of a private residence in Cyprus, dependent parents to be similarly granted citizenship. . To achieve this the applicant, together with their parents, may purchase a residential property worth at least EUR 1 million, with EUR 500,000 allocated to the applicant and EUR 500,000 to the parents.

Other crucial changes to the Cyprus citizenship-by -investment program

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Further significant changes are as follows:

  • Henceforth, it is compulsory for the investor applicants to apply for a residence permit together with the main application.
  • Investors can buy undeveloped land  if they have an agreed development plan for  the property.
  • Purchase of special government bonds up to a maximum of EUR 500,000 is an eligible investment option to acquire the citizenship.
  • Acquisition of units from Alternative Investment Funds, based in Cyprus of minimum EUR 200,000, is now an accepted form of investment to obtain citizenship-by-investment (as part of the total investment).
  • Investors who have their economic activities based in Cyprus must employ at least 5 Cypriot nationals in their business.
  • Bank deposits  no longer qualify in the criteria of investment options.
  • The option for group investment of up to 5 investors with EUR 2.5 million, payable per investor, is no longer  available.

 

Disclaimer: This is a guest post and it doesn’t represent the views of IWB.

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