On 13th of September 2016, the Cyprus Council of Ministers has approved the amendments to the Scheme for Naturalisation of Investors in Cyprus by Exception. The said scheme is based on subsection (2) of section 111A of the Civil Registry Laws of 2002-2015.
The said amendments are in line with the strategy of the Cyprus Government to further attract Foreign Direct Investment and encourage the use of Cyprus by High Net-Worth Individuals.
- Level of investment reduced to a total of €2M - €2.5M, as opposed to €2.5M - €3M under the previous Criteria.
- The Ministry of Interior can now accept single applications.
- The Parents of the investor (main applicant) can now obtain the Cypriot Citizenship with an additional investment of €500.000 plus VAT (if any).
- Abolishment of the criterion of bank deposits.
- The maximum amount that an investor can spend in Cyprus Government bonds is €500.000.
- The applicants must acquire a Permanent Residency (P.R.) prior of their naturalisation approval. The Passport can be issued 6 months after the P.R.
For the period until the end of October 2016, investors can choose under which Scheme to apply, i.e. the revised Scheme of 13/09/2016, or the previous one of 19/03/2014. As from 1st November 2016, the revised Scheme comes in full effect.
Investments Eligible for Cypriot Citizenship
Cypriot Citizenship by Investment Application Process
Benefits of acquiring Cypriot Citizenship by Investment
The content of this article intends to provide a general guide to the subject matter. Specialist advice should be sought on each particular case. For any further information, please contact Mr Yiannis Fanides at [email protected] or telephone: 00357-26930800.