If you are considering the beautiful Island of Cyprus as your second home through citizenship by investment, here are the details on the recent change to the Cyprus Citizenship by Investment Program (CIP), which was voted on by the ministers of finance and internal affairs last week.
Your citizenship is still 6 months away, however, the new citizenship rules require an investment of EUR 2 million investment in residential properties with at least a quarter of that amount towards a permanent residence in Cyprus or EUR 2.5 million in any real estate investment including at least 500,000 towards a permanent residence.
In the instance where a residential property acquired had already been used by another investor in the Cyprus CIP, the required investment amount is also increased from EUR 2 million to EUR 2.5 million.
A few other stipulations have been put in place effective May 15th, 2019.
1) Investors are now required to donate to research and development through the “Research Promotion Foundation” for the amount of EUR 75,000.
2) Investors will be required to donate to the “Cyprus Land Development Corporation” for the amount of EUR 75, 000 which funds affordable housing projects.
3) Previously investors were required to keep their investments for a period of at least 3 years now investments must remain for a period of at least 5 years from the date of the investor’s naturalization.
4) Now, the applicant should be a holder of a valid Schengen visa. Applicants who have already been rejected by other EU states will not be considered.
5) If an applicant had previously applied to obtain a Citizenship in another EU Member State and been rejected, the investor will not be permitted to apply to obtain the Cyprus Citizenship under the CIP.
6) For any investments in real estate, the following documents should be provided to the authorities
- Planning permit
- Certificate of completion of the property, for completed properties.
- For properties still under construction, at least 5% of the total value of the property should be blocked in a bank guarantee in which the relevant amount will only be released to the vendors upon the completion of the property.
- If there is a mortgage on the property, a bank waiver should be presented.
7) The investment criterion in Government bonds has now ended.
8) Investments made to the Cyprus shipping industry will be considered as an eligibility criterion for the CIP.
With the new changes now in place, it is of utmost importance for interested investors to consult with our professionals in investment-based citizenship and residency to ensure a timely and simple process that considers all angles and details.
Contact us today to understand the newly placed regulations and your options:
+971 4 430 8028