Changes to Cyprus Citizenship by Investment Programme
Effective 13th February 2019, the Cyprus Citizenship by Investment Programme has implemented to changes to it’s due diligence standards aiming to maintain the credibility of its citizenship by investment programme.
The following are changes that are now in force:
- One of the most noticeable changes is the time period that an investor must maintain their investments (excluding the primary residence of EUR 500,000) which now must be held for five years as opposed to three years.
- To be eligible to apply for citizenship through the Cyprus programme the main applicant must now hold a valid Schengen visa at the time that the application for citizenship is submitted.
- Provided an applicant was rejected from another European country for citizenship they will not be eligible for Cyprus Citizenship by Investment
Further changes will be implemented starting the 16th of May 2019 and include the following:
- In addition to the required real estate investment, applicants will be required to also make a donation to the country in the amount of EUR 150,000 (EUR 75,000 will be for the Cyprus Research & Innovation Foundation and EUR 75,000 will be for the Land Development Agency)
- Slight changes to the type of investments will be implemented: Investments in the Shipping industry will be permitted whereas investments in government bonds will no longer be permitted for citizenship by investment. Investments in real estate will remain the same.
- Properties that are under construction and qualify for citizenship by investment will require a valid planning permit
- An investor may switch their investments during the five year time period upon formal written consent by the Ministry of Finance
- Provided an applicant wishes to purchase re-sale properties that qualify for citizenship, the minimum investment will be increased to EUR 2.5 million
- Stricter due diligence measures will be implemented with a specialized foreign due diligence firm carrying out background checks
These changes were deemed necessary after concerns raised by the EU commission regarding citizenship by investment and residency programmes. The Cyprus Citizenship by Investment programme has been recognized for contributing greatly to the development of Cyprus.
JH Marlin Law welcomes these changes and understands the importance of maintaining the credibility of the Cyprus Citizenship by Investment programme. We look forward to continuing to assist clients obtain Cyprus Citizenship and Cyprus Residency.
Jennifer Harding-Marlin / jhmarlin.com / jennifer@jhmarlin.com
Attorney & Citizenship by Investment & Residency Specialist
