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Can I choose which research and innovation activities to donate to for Cyprus’ CBI program?

I understand that Cyprus recently adds a 75,000-euro donation requirement to its CBI program. I am wondering if I can choose a research activity to donate to if I apply for the CBI program. I am a faculty member of a university in my home country. Our university has a close relationship with a local medical research institute in Cyprus. I want to make a contribution to it if possible.


Answers
  • Kannava, Kitromilidou & Co LLC (KPK Legal)
    June 05, 2019

    They can choose which research and innovation activities to donate as long as the program they intent to donate to is officially registered and certified by the Service of Industry and Technology in Cyprus.

  • Andreas Entafianos LLC
    June 04, 2019

    Each applicant may choose the research and innovation enterprise for the purpose of complying with the donation criterion. Save for certain exemptions, the enterprise must be a certified innovative enterprise (by the Ministry of Finance) or a certified social enterprise. In the event that said medical research institute has been certified by the Ministry of Finance for the purposes of the CIP, then donation thereto should be acceptable.

  • Vasiliou Law
    June 04, 2019

    You must donate at least 75,000 euros to the Research and Innovation Foundation. An alternative option is if you invest at least 75,000 in a certified innovative enterprise, if the business you intent to invest has acquired the relevant certificate by the Ministry of Finance, then yes is possible. Another way to invest in the company you want to invest is if you invest at least 400,000 euros, then the donation requirement is lifted. However, that will increase the minimum amount of investment required under the CBI program.

  • P. Angelides & CO LLC
    June 03, 2019

    There is a mandatory donation of 75,000 to the Foundation for Research and Innovation to promote the creation of an entrepreneurial innovation ecosystem, an obligation that can be waived under certain conditions, i.e., where the investor shall invest in an innovative business (which has acquired a relevant certificate by the ministry of finance) or in a certified social company. The mandatory donation is also waived where the applicant has made an investment under the criterion "purchase or establishment or participation in Cypriot companies or businesses" amounting to at least 20% of the investment cost of the prerequisite amount (i.e., 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. A mandatory donation of 75,000 to the Cyprus Land Development Corporation, aiming at the contribution to the integrated housing policy, specifically for the purpose of implementing affordable housing projects and the implementation of other housing plans/measures.

  • Christodoulou & Partners LLC
    June 03, 2019

    The applicant must donate at least 75,000 euros to the Research and Innovation Foundation. The aforementioned obligation is lifted if the applicant invests at least 75,000 in a certified innovative enterprise (i.e., an enterprise that had acquired the relevant certificate by the Ministry of Finance) or a certified social enterprise. The applicant can make a contribution to any a certified innovative enterprise or a certified social enterprise company or organization or institute in Cyprus.

  • Christodoulos G. Vassiliades & Co. LLC
    June 03, 2019

    Considering that the company you wish to invest has a certificate issued from Ministry of Finance in respect to its innovative and research activities, then it will be considered eligible for the investment.

  • Michael Kyprianou & Co. LLC
    June 03, 2019

    It is true that one of the updated financial criteria is that the applicant must have donated at least 75,000 to the Research and Innovation Foundation and also at least 75,000 to the Cyprus Land Development Corporation for the financing of housing schemes for affordable housing, but also for the materialization of other housing schemes/measures. The obligation for the payment to the Research and Innovation Foundation may be lifted provided that the applicant has invested at least 75,000 in a certified innovative enterprise (i.e., an enterprise that had acquired the relevant certificate by the Ministry of Finance) or a certified social enterprise. It may also be lifted if the applicant has made an investment for the purchase or establishment or participation in Cypriot companies or businesses of a total amount equal to the 20% of the required investment amount (i.e., 400,000) in a company whose operations fall within the primary sector of the economy, or the secondary sector of the economy (excluding constructions), or in the sectors of research and development, education, health and renewable energy sources.

  • AsusPlus Auditors and Tax Consultants Ltd.
    June 03, 2019

    Yes, if the applicant will invest at least 75,000 in a certified innovative enterprise (i.e., an enterprise that had acquired the relevant certificate by the Ministry of Finance), then is possible.

  • Tornaritis & Co LLC
    June 02, 2019

    The Council of Ministers has approved on Feb. 13, 2019, a number of changes in regards to the popular Cyprus Investment Program, by which investors obtain Cyprus citizenship. The logic behind such changes, according to the Minister of Finance, is to target and encourage the creation of an ecosystem of business innovation as well as to facilitate the creation of finance for affordable housing through the mandatory contribution to the Cyprus Land Development Corporation, while such changes also aim to prevent any overgrowth of the real estate sector through such investments. The main changes, are as follows: a mandatory donation of 75,000 to the Foundation for Research and Innovation to promote the creation of an entrepreneurial innovation ecosystem, an obligation that can be waived under certain conditions, i.e., where the investor shall invest in an innovative business (which has acquired a relevant certificate by the ministry of finance) or in a certified social company. The mandatory donation is also waived where the applicant has made an investment under the criterion "purchase or establishment or participation in Cypriot companies or businesses" amounting to at least 20% of the investment cost of the prerequisite amount (i.e., 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. A mandatory donation of 75,000 to the Cyprus Land Development Corporation, aiming at the contribution to the integrated housing policy, specifically for the purpose of implementing affordable housing projects and the implementation of other housing plans/measures.

  • Fidescorp Chartered Accountants
    June 01, 2019

    The contribution for research is to the local organization that deals with innovation grants. They would be responsible for the allocation of the respective funds, so the choice is not to the donor.

  • CA Advocates (Pourgoura & Aspri LLC)
    June 01, 2019

    There is an option to choose your own research activity donation if this is has been accepted by the ministry as an approved donation institute.