Amendments to Cyprus Citizenship by Investment Scheme

On Wednesday, 13th February 2019, the Council of Ministers approved the changes to the Cyprus’s Citizenship by Investment program.

Since its launch in 2013, the program generated €6,6 billion of foreign investments and 1864 cases of naturalization have been approved.

What are the changes?

• Investment amount is set to €2,5 million including the purchase of residency – previously it was €2 million,

• A mandatory donation of € 75,000 to the Research and Innovation Foundation and a second €5,000 to the Cyprus Land Development Agency. The donation to the Research and Innovation Foundation can be waived if a minimum amount of €75,000 is invested in a certified innovative business (which has been certified by the Treasury) or a certified social business,

• The holding period for investments increased to 5 years from a previous 3 years from the date of naturalization,

• The applicant should hold a valid resident permit in the Republic of Cyprus for at least 6 months prior to his naturalization, and

• Applicants refused by Schengen and member states will be refused.

For more information regarding the full scheme on citizenship and changes to it, feel free to contact us at info@zambartaslegal.com