On the 13th of September 2016, the Council of Ministers has taken a decision approving revised criteria for the Cyprus Citizenship by Investment Scheme.
THE AMENDMENTS
- Reduction of the investment amount from €5.000.000 to €2.000.000 plus €500.000 for residential property.
- Bank deposits criterion is now abolished.
- Broader range of investments is now possible.
THEREFORE THE CRITERIA AND PROCEDURE ARE NOW AS FOLLOWS:
- INVESTMENT IN REAL ESTATE
- The applicant should make an investment of at least €2.000.0000 for the purchase or construction of immovable property (residential or commercial)
- There is no requirement for an additional €500.000 investment in a residential property if the applicant has already acquired a residential property of at least €500.000 within the above investment.
- PURCHASE OR INCORPORATION OR
PARTICIPATION IN CYPRUS COMPANIES OR BUSINESSES
- The applicant should purchase, incorporate or participate in companies operating in Cyprus with investment costs of at least €2.000.0000 in line with the investment objectives of the Company.
- The Companies must have physical presence in Cyprus and employ at least five Cypriot or EU citizens who have been legally residing in Cyprus for a continuous period of 5 years.
- Ownership of a residential property of at least €500.000 + VAT
- INVESTMENT IN ALTERNATIVE INVESTMENT
FUNDS (AIFs) OR FINANCIAL ASSETS OF CYPRIOT BUSINESSES AND
ORGANISATIONS LICENSED BY CYPRUS SECURITIES AND EXCHANGE COMMISSION
(CySEC)
- Investment of €2.000.0000 in AIFs and CySec supervised organisations whose activity is operated in Cyprus.
- Ownership of a residential property of at least €500.000 + VAT
- COMBINATION OF THE ABOVE
INVESTMENTS
- Total amount of €2.000.0000
- Under this criterion the applicant can also invest in government bonds for the amount up to €500.000 which will be issued for this purpose for the period of at least three years.
- Ownership of a residential property of at least €500.000 + VAT
TERMS AND CONDITIONS
- Clean criminal record
- The applicant must hold a residence permit for at least 6 months before applying.
IMPORTANT NOTES
- If the value of the residential property exceeds €500.000 then the excess amount can be calculated and included in the whole investment.
- Family members, who apply separately as investors for the scheme, can collectively acquire one residence as long as its value covers the amount of €500.000 per each applicant.
Originally published February 8, 2016
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.