On the 13th February 2019 the Cyprus Council of Ministers have proposed changes to the Cyprus Citizenship by Investment program in an effort to further regulate it and to secure its continuity. The new regulations are expected to be effective as of 15/5/2019. The official announcement is expected to be made in the Cyprus Gazette.
Here is an outline of the main changes to the CBI program:
- The minimum investment for resale properties increases to 2.5 million Euros. The investment in new residential properties remains at 2 million Euros.
- The €2 million qualifying investment must be hold for a period of FIVE years instead of three years. Investors will still need to maintain a permanent residence valued at €500,000 in Cyprus.
- Applicants must make a donation of 150K as follows:
- €75,000 to the Research and Innovation Foundation and
- €75,000 to the Cyprus Land Development Agency.
NOTE: The requirement for a contribution to the Research and Innovation Fund can be waived if the applicant invests at least €75,000 in a certified innovative business or a certified social business.
- Provisions for improved due diligence, regulations that would “make control more stringent and more effective, such as the measure of thorough scrutiny of each applicant separately from an independent international house, which has not been yet selected.
- Obligation to maintain a Schengen Visa before applying
- Exclusion of applicants who have been refused citizenship by other European Member States.
- Investments in shipping sector will be eligible and will be included as a new option.
- Investing in government bonds will no longer be available.
- The Cyprus citizenship by investment scheme is limited to 700 passports per year
- Where the investment relates to the purchase of real estate or property as well as in the case of a permanent homeowner, a planning permission, a completion certificate and a bank waiver will be required.
- An Annual Implementation Report that includes the number of naturalizations, nationality of the applicants and the sector in which the investments were made will be prepared for the sake of transparency and correct information.
For any further information in regards with the proposed changes, please contact Adelina Santis at firstname.lastname@example.org, or call us.