In 2013 Cyprus introduced a "citizenship by investment" programme, allowing individuals of good character who invest substantial sums in Cyprus to obtain Cyprus citizenship by naturalisation on an accelerated basis, typically within three months. As Cyprus is a member of the EU, and Cypriot citizenship brings with it the considerable travel and visa benefits applicable to all EU citizens, the programme has proved very popular.
On 13 September 2016 the Council of Ministers approved a number of changes to the programme, making it even more attractive than before and allowing investors to file a stand-alone application on the basis of a €2 million investment plus purchase of residential accommodation in Cyprus at a cost of at least €500,000.
In addition, several other changes were made:
- The parents of the applicant are also entitled to be granted citizenship, provided they purchase a home in Cyprus.
- Purchase of undeveloped land is now an eligible form of investment provided that a master plan for the development of the land is submitted.
- Purchase of special government bonds is an eligible form of investment, up to a limit of €500,000.
- Purchase of units in qualifying investment funds based in Cyprus is now an eligible form of investment.
- Bank deposits are no longer an eligible form of investment.
- Applicants are now required to apply for a residence permit in tandem with the main application.
According to the official announcement issued by the Ministry of Interior, both the old programme and the revised programme will run concurrently until the end of October, giving applicants freedom to choose which program to apply under. This will give time for applicants who have already started preparing their applications on the basis of investments that will no longer be eligible to submit their applications. From the beginning of November, the new criteria will apply exclusively.
For a detailed explanation of the programme requirements, please follow this link.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
