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WHATS NEW FOR THE EU CITIZENSHIP PROGRAMME ?

The Ministries of the Interior and Finance recommend the diversification of economic criteria and the shift to other productive investments of the economy, by adopting the following amendments:

MANDATORY

To who it applies

Change in the scheme

Date From

Which It Will Come Into Effect

To All

A mandatory donation of € 75,000 to the Research and Innovation Foundation to promote the creation of an entrepreneurial innovation ecosystem.

The obligation to contribute to the Foundation for Research and Innovation is lifted if the applicant invests at least € 75,000 in a certified innovative business (which has been certified by the Treasury) or a certified social company.

In addition, this obligation is waived if the applicant has made an investment under the criterion "Buy or Set Up or Participation in Cypriot Businesses and Companies" amounting to at least 20% of the investment cost of the stated criterion (ie € 400,000 ) to a company operating in the primary sector of the economy or in the secondary sector of the economy, or in one of the fields of research and technology, education, health, and renewable energy .

15 May 2019

onwards.

To All

A mandatory donation of € 75,000 to the Cyprus Land Development Agency, aiming at the contribution of the Program to the new integrated housing policy, namely for the implementation of affordable housing projects and the implementation of other housing plans / measures.

15 May 2019

onwards.

To All

Obligation to maintain the required investments for a period of at least 5 years from the date of naturalization.

The applicant shall have the right to replace the investment made within the five-year period, subject to prior approval by the Ministry of Finance.

 

To Investment In Real Estate

Where the investment relates to the purchase of immovable or immovable property, as well as in the case of a permanent homeowner, the following shall be required:

I. Urban planning permission, in the cases provided by the Urban Planning and Planning Law.

II. Certificate completion certificate signed by the project architect. In the case of building a property it is necessary to maintain an amount equal to 5% of the value in a special account or the equivalent bank guarantee from the seller of the property to the buyer (Performance Bank Guarantee).

III. A certificate from the mortgage lender to whom this property may be mortgaged to undertake to proceed with the complete removal of the corresponding mortgage provided that the investor or the seller will pay to the lender the amount to be indicated on that certificate (bank waiver).

15 May 2019

onwards.

To All

The applicant must be in possession of a Schengen visa in order to be able to apply for a naturalization.

 

To All

The applicant must be in possession of a residence permit in the Republic of Cyprus for at least six (6) months prior to naturalization as a Cypriot citizen.

If the applicant does not already hold a residence permit, he will be able to apply for an immigration permit, at the same time as submitting the application for Naturalization, but must be a holder of a residence permit for at least six (6) months prior to naturalization as a Cypriot citizen.

 

To All

An applicant who has applied for the acquisition of citizenship in any other Member State of the European Union and who has been refused will not be entitled to acquire Cypriot citizenship within the framework of the CIP.

 

ADDITION OF NEW INVESTMENT OPTIONS

  1. Inclusion of investments in shipping, on the basis of specific measurable criteria which will contribute to the economy, which will be determined jointly by the Ministry of Finance and the Deputy Ministry of Maritime Affairs.
  2. Inclusion of investment in Registered Alternative Investment Organizations,), and the possibility for these Organizations to invest up to € 200,000 in CSE secondary market stock.

REMOVAL OF INVESTMENT IN GOVERNMENT BONDS

Complete abolition of investment in government bonds as an acceptable investment within the CIP.

OTHERS                                                                    

In the case of residential units already used for the purposes of the CIP and reused under the same Program, if the applicant has made investments in a residential unit (s) on the basis of criterion "Investments in Real Estate, Development and Infrastructure Projects" is not required to purchase another permanent private dwelling in the Republic of Cyprus if at least one of these dwellings is worth at least € 500,000, provided that the total investment, including privately owned, is at least € 2.5 million. This is applicable as from 15 May 2019 onwards.

For the sake of transparency and correct information, an Annual Implementation Report which includes the   number of naturalization, nationality of the applicants and the area in which the investments were made, will be published.

Reaffirmation of the ban on the advertising of the CIP in public places and on the Internet, with particular emphasis on the visibility of the Cypriot passport and the symbols of the Republic and the EU.

An independent third body will in two (2) months be set up to conduct due diligence for the investor and family members.