|RESIDENTIAL PROPERTIES||COMMERCIAL PROPERTIES|
2 mln (+VAT)
Optional investment 1,5 mln
Purchase of private property of minimum 500,000 (+VAT)
2 mln (+VAT)
2,5 mln (+VAT)
CHANGES TO THE CYPRUS INVESTMENT PROGRAM 2019
The main changes on the plan which will take place as of 15th May 2019 are:
1. In addition to the qualifying investment criteria there will be two new donation components added to the revised CIP that total €150,000:
– A donation of €75,000 to the Foundation for Research and Innovation to promote the creation of an entrepreneurial innovation system
– A donation of €75,000 contribution to the Land Development Agency to fund affordable housing initiatives.
2. A planning permit shall be mandatory for properties under construction and certificate of completion. In the case of building a property it is necessary to maintain an amount equal to 5% of the value in a special account or the equivalent bank guarantee from the seller of the property to the buyer (Performance Bank Guarantee) and Bank waiver Certificate in case the property is mortgaged.
3. The qualifying investment options will be ratified:
– Investments in the Shipping Industry will now be permitted
– Government bonds will no longer qualify
4. The investment should be maintained for 5 years following the date of naturalization, instead of 3 years. During the 5-year period the investor will be able to change his investment, provided that a consent will be granted in this regard by the Ministry of Finance;
5. Investment requirement for residential properties is kept at €2,000,000. Investment in other sectors is €2.500.000. Any application which includes resale property already used for a previous Citizenship application by other applicant, increases the amount of investment for the New Application to €2,500,000.
6. An applicant who has applied for the acquisition of citizenship in any other Member State of the European Union and has been rejected will not be entitled to acquire Cypriot citizenship within the framework of the Cyprus Investment Program.
7. The applicant must have a Schengen visa in order to be able to apply for naturalization.
8. The applicant should be in possession of a residence permit in the Republic of Cyprus for at least six (6) months prior to naturalization as a Cypriot citizen.
9. A specialized foreign due diligence firm will be hired to carry out all background checks on applicants and implement stricter criteria for approvals.
To acquire Cypriot Citizenship, on the basis of the Scheme, a third-country national, must meet one of the following economic criteria:
1. Investment of at least €2,0 million in real estate, land development and infrastructure projects. Any application which includes resale property already used for a previous Citizenship application by other applicant, increases the amount of investment for the New Application to €2,5 million.
2. Purchase or Establishment or Participation in Cypriot Companies or Businesses with investment costs of at least €2,5 million
3. Investment of at least €2,5 million in Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organizations that are licensed by CySec.
4. The investor may proceed with a combination of the above investments, provided that the total investment will amount up to at least €2,5 million.
1. Clean Criminal Record
2. His name must not be included in the list of persons whose assets, within the boundaries of the European Union, have been frozen as the result of sanctions.
3. Own residence in Cyprus, the cost of which must be at least €500.000 (Euro Five Hundred Thousand) excluding VAT.