Cyprus Investment Programme provisions effective from 15th of May 2019

The Government of Cyprus, in the recent decision of the Council of Ministers taken on the 13^th of February 2019, has decided to change the "Cyprus Investment Programme” to make it more trustworthy and targeted. The following provisions will apply to all citizenship by investment applications submitted as of the 15^th of May 2019,

For any applications submitted before the 15^th of May, the previous provisions are still applicable, except that the applicant should not have been rejected on an application for citizenship in any other member state of the European Union. This provision applies immediately, and in such a case, the applicant is not eligible to apply for the acquisition of Cypriot citizenship through the Cyprus Investment Programme.

Cyprus Investment Programme changes list

• The investments must be kept for 5 years from receiving Cyprus Citizenship. The investor may replace the investments during the said 5-year period provided he/she receives the permission of the council of ministers.

• In Addition to the required investments to proceed as follows:

  a) To donate €75.000 to the Research and Innovation Foundation or invest at least €75.000 in a certified innovative or social enterprise.

  The above obligation is lifted If the applicant has made an investment under the criterion for Purchase / Establishment /Participation in Cypriot Companies of a total amount equal to at least €400.000 in a company active within the primary or secondary sector of the economy (excluding constructions), or in the sectors of research and development, education, health and renewable energy sources.

  AND

  b) To donate €75.000 to the Cyprus Land Development Corporation.

• Investments in the shipping sector will be eligible based on criteria that will be determined.
• The applicants must hold a valid Schengen visa. Applicants that do not require an entry visa for travelling in EU countries are excluded from this obligation. If the applicant has invested in housing units that have already been used to acquire Cypriot citizenship via the Programme, then the total amount of the investments, including the privately-owned residence, will be at least €2,5 million.
• For Investment in real estate or land development, a Town-planning permit is required.
• If the purchased property is under construction, it is required either to maintain an amount equal to 5% of the purchase value in a special account or for the seller to issue for the purchaser's benefit a performance bank guarantee equal to 5% of the purchase value.
• Complete abolition of investment in government bonds as an acceptable investment within the Program.