15th Sep 2016
The Cyprus Government, through the Ministry of Interior, has approved revised criteria for granting the Cypriot citizenship by investment, in an effort to further promote foreign direct investments in Cyprus. The Cyprus citizenship program, by way of investment, is now easier to achieve, as the required investment has been reduced from EUR 5 million if applied individually (or EUR 2.5 million if going through a collective investment scheme), down to EUR 2 million for all applicants. An applicant may choose a combination of investment in real estate and land development/ Cypriot businesses or companies/ alternative investment funds (AIFs), financial assets of Cypriot businesses or organisations which are licensed by the Cyprus Securities and Exchange Commission, amounting to at least EUR 2 million.
Further, the investment in government bonds of the Republic of Cyprus is now restricted to EUR 500.000.
As with the previous criteria, the applicant must hold a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least EUR 500.000, excluding V.A.T.
In case the applicant has invested in residential unit(s) he/she shall not be required to acquire another permanent residence in the Republic if at least one those residences is valued at least EUR 500.000, excluding V.A.T and retains lifetime possession of the said permanent residence.