The amendments made to the Cyprus Investment programme published at the Official Cyprus Gazette and aim to provide credibility and enhance the transparency and strengthen the programme.
- Financial Criteria:
- The total amount the Investor – Applicant shall invest remains at least €2,0M in:
A.1 Investment in Real Estate and Land Development:
- Primary sector of the economy or in health, education, research and technology, renewable energy OR
- Residential or commercial or tourism developments or other infrastructure projects OR
- Acquiring or constructing real estate, development land provided that an investment plan for the development of the purchased land will be included in the application
A.2 Purchase or Establishment or Participation in Cypriot Companies or Businesses:
- The applicant must have invested at least 2,0M for the purchase or participation in companies or organizations established and operating in the Republic of Cyprus with investments costs of. The invested funds shall be channeled towards the financing of the investment objectives of these companies exclusively in Cyprus, based on specific investment plan.
The applications shall be evaluated to verify that companies or organizations have proven physical presence in Cyprus with significant activity and turnover and employ at least 9(nine), changed from 5 (five), Cypriot Citizens of European Union member-states.
A.3 Investment in Alternative Investment Funds or Registered Alternative Investment Funds or financial Assets of Cypriot Companies or Cypriot Organizations that are licensed by Cyprus Securities and Exchange Commission:
The applicant should have bought units of at least 2,0 M from Alternative Investment Funds or Registered Alternative Investment Funds established in the Republic of Cyprus, licensed/registered and supervised by the Cyprus Securities and Exchange Commission (CYSEC) and whose investments are made exclusively in the Republic of Cyprus, in investments that meet the criteria of this programme or in areas approved by the Minister of Finance. It is permitted for these AIFs or RAIFs to invest in secondary market stock-market values of the Cyprus Stock Exchange an amount that does not exceed the €200.000.
In order to confirm that the Investments that meet the criteria of the current programme will be retained for at least 5 (five) years, the manager or the auditor of the Fund shall inform in writing and on an annual basis, the Ministry of finance with reference to the value of the initial investment.
The purchase of financial assets of Cypriot companies or organizations of at least 2,0 M, such as bonds, bills and securities, issued with the approval of CYSEC, by companies that have proven physical presence and substantial economic activity in the Republic of Cyprus, and have as purpose the financing of the investment plans of these companies or organizations exclusively in Cyprus, based on an investment plan, fall under this criterion. The purchase by an AIF or RAIF of units of other AIFs or RAIFs is not eligible.
A.4 Combination of the above investments:
The Investor-Applicant may proceed with a combination of the above investments provided that the total amount will be at least €2.0 million if the investment will be only in residential units. If the units has been used prior by another CIP applicant, the minimum investment amount should be at least €2.5 million. For any other investment option other than residential units the amount of the investment should be at least €2.5 million.
- The funds will be used for the investments shall be transferred from the overseas bank account of the Investor or his/her companies to Cypriot Credit Institutions supervised by the Central Bank of Cyprus.
Donations has been increase from €150.000 to €200.000 as follows:
- Pay the amount of €100.000 to the Research and Innovation Foundation or the Industry and Technology Service or the Fund for Renewable Energy or National Solidarity fund after the approval of the application by the Council of Ministers and prior the issuance of the citizenship certificate AND
- Pay the amount of minimum €100.000 to the Cyprus Land Development Corporation after the approval of the application by the Council of Ministers and prior the issuance of the citizenship certificate. If the Applicant donates more than the minimum amount the additional amount will be supplementing the total amount of the investment.
Purchase of Permanent Residence:
In all investment options the applicant must acquire a permanent residence in the Republic of Cyprus with purchase price at least €500,000 plus Vat if applicable.
In case the purchase price exceeds the amount of €500,000 the additional amount can be used to supplement the total amount of the Investment.
Additional Conditions the Investor-Applicant and family members must meet:
- Clean criminal record from the country of residence issued at least six months prior the submission of the application
- They are not included in the following categories:
- Politically Exposed Persons who are holding political positions or were holders of political positions in the 12 months prior the date of application instead of 5 years
- Persons who are subject to investigation in connection to a serious offence
- Persons who been sentenced for a serious offence
- Persons who are or were affiliated with any physical or legal person, entity subject to sanctions by European Union or by the United Nations and are in force or were in force up to 12 months before the submission of the application
- Persons wanted across Europe by EUROPOL or internationally by INTERPOL
- Persons whose assets has been confiscated within the boundaries of EU
Changes in terms of Family members:
The Family members of the main Applicant-Investor can now submit their application at the same time with the application of the main Investor or at a later stage.
The parents of the spouse or partner (in-laws) may also apply to obtain the Cyprus Citizenship provided that they acquire a permanent residence in the Republic of Cyprus with purchase price of at least €500.000 just like the parents of the main Applicant.
An Independent Committee has been established for the examination of applications of naturalization, as well as to monitor whether successful applicants comply with the criteria and conditions set out in Regulations.
If you are interested for the Cyprus Investment Program contact us at [email protected]
The content of this article is intended to provide general information only. It is not to be substituted for legal advice or taken to be as legal advice.