Amendments to Cyprus Investment Programme 

Contents:

The amount of investments and non-refundable donations

The amount of investment in Cyprus economy for obtaining citizenship remains the same, at the level of €2,000,000. Investments can be made in shares of companies, provided that they are registered in Cyprus, investment funds or real estate. It is also possible to combine different investment options. But the total investment amount should be at least 2.5 million euros, of which 500 000 euros should be spent on permanent privately-owned residence.
Investments can be made in the following sectors of economy:• primary sector of the economy or the sectors of research and technology, education, health or renewable energy • developments, such as residential or commercial developments, tourism developments or other infrastructure projects • acquiring or constructing real estate, including investment in building land, provided that the application includes an investment plan for their development
The funds relating to all investments mentioned above shall be wired from an overseas bank account of the foreign investor or his/her company or companies and all payments for the investments shall end up in Cypriot credit institutions or payment institutions licensed and supervised by the Central Bank of Cyprus.
In addition to the investment amount, the investor is required to make a non-refundable contribution and this amount has increased. Previously the amount of 150 000 euros was distributed equally between the Research and Innovation Fund and the Land Development Agency. Now the investor needs to donate 200 000 euros, of which 100 000 euros is contributed to the Land Development Agency, and the remaining 100 000 to one of the following 4 funds: Research and Innovation Fund, Industry and Technology Service, Renewable Energy and Energy Saving Fund or National Solidarity Fund. Donations are made after the approval of the citizenship application and right before the issuance of naturalization certificate to the investor.

Exit from the investment

The investment timeline also remains the same and constitutes 5 years from the date of obtaining Cyprus citizenship. At the same time, the applicant must possess a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least 500 000 euros. During the indicated five-year period, the investor can replace or rotate his investments, provided that he has obtained the approval from the Ministry of Finance. Investments made within the last three years before applying for citizenship can be included in the investment package.

Who can apply?

• Investor, investor's spouse;• Minor children (under 18 years old). The term "minor child" has been clarified. It implies an unmarried child of the spouses or adopted by them, who has not reached the age of 18.• Financially dependent children under 28 years old (however, they must not be married and must be students for at least 6 months before the submission of documents);• Parents of the investor can also participate in the programme if their children have already obtained Cypriot citizenship. Moreover, they need to invest in Cyprus real estate an additional € 500,000.● The parents of the investor’s spouse can now also participate in the program, provided that they purchase property worth at least 500 thousand euros.

Prior to applying for citizenship, the applicant must:

1. Have a valid Schengen visa. For third country nationals who do not require a visa to enter EU countries, as well as for citizens of European Union member states, this obligation is not valid.2. Get a permanent residence permit in Cyprus 6 months before naturalization.3. The procedure for submitting documents and obtaining citizenship has not changed.

If you want to obtain Cypriot citizenship by investing in real estate, the specialists of Cyprus Sotheby's International Realty will hand pick the properties for you and provide the necessary consulting services on all issues related to acquiring citizenship.

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