[vc_row type=»in_container» full_screen_row_position=»middle» scene_position=»center» text_color=»dark» text_align=»left» overlay_strength=»0.3″][vc_column column_padding=»no-extra-padding» column_padding_position=»all» background_color_opacity =»1″ background_hover_color_opacity=»1″ width=»1/1″ tablet_text_alignment=»default» phone_text_alignment=»default»][vc_column_text]If you are considering the beautiful island of Cyprus as your second home through Citizenship by Investment, here are the details of a recent change in the Cyprus Citizenship by Investment Program (CIP), which was voted by the Ministers of Finance and Interior last week.
Your citizenship is still 6 months away, however the new citizenship rules require an investment of €2 million investment in residential property with at least a quarter of that amount for permanent residence in Cyprus or €2.5 million in any property investment including at least 500,000 for permanent residence.
In the case where the purchased residential property has already been used by another investor in a Cypriot CIP, the required investment amount is also increased from 2 million euros to 2.5 million euros.
Several other terms and conditions were put into effect as of May 15, 2019.-
1) Investors are now required to donate to research and development through the «Research Promotion Fund» in the amount of 75,000 euros.
2) Investors will be required to donate €75,000 to the Cyprus Land Development Corporation, which finances affordable housing projects.
3) Previously, investors were required to keep their investments for at least 3 years, now investments must remain for at least 5 years from the date of the investor’s naturalization.
4) Now the applicant must be the holder of a valid Schengen visa. Applicants who have already been rejected by other EU states will not be considered.
5) If the applicant has previously applied for citizenship in another EU Member State and has been rejected, the investor will not be allowed to apply for Cypriot citizenship under the CIP.
6) For any real estate investment, the following documents must be submitted to the authorities:
- Building permit
- Real estate completion certificate, for completed properties.
- For properties still under construction, at least 5% of the total value of the property must be blocked in a bank guarantee, in which the corresponding amount will be released to the sellers only after the completion of the property.
- If there is a mortgage on the property, a bank waiver must be submitted.
7) Criteria for investing in government bonds has now been completed.
8) Investments made in the Cyprus shipping industry will be considered as an eligibility criterion for CIP.
With the new developments, it is imperative for interested investors to consult with our investment-based citizenship and residency professionals to ensure a timely and simple process that takes into account all aspects and details.
Contact us today to understand the new rules and your options: cyprus citizenship by investment program
+971 4 430 8028
www.citizenshipbay.com [/vc_column_text][/vc_column][/vc_row]
