Following the recent changes, there is a compulsory donation to the Research and Innovation Foundation and the Cyprus Land Development Corporation. The donation is 75,000 to each, respectively. The donation to the research and innovation foundation can be lifted if certain conditions are met. Furthermore the different investment options are: investment in real estate, land development and infrastructure projects; purchase or establishment or participation in Cypriot companies or businesses; investment in alternative investment funds or registered alternative investment funds or financial assets of Cypriot companies or Cypriot organizations that are licensed by Cyprus Securities and Exchange Commission; or a combination of the above. The investment amount can be from 2,150.,000 and above. There is a limit to 700 successful applications per year.
What has recently changed about Cyprus’ citizenship-by-investment program?
I read that the investment amounts have changed and there is no longer a government bond option. Is this true? What remains of this program? Is it limited to only a certain amount of applicants each year?
You are correct; the option of the government bonds is no longer available. You many invest in real estate or shares in an established Cyprus company provided, you pay the non-refundable amount of 150,000 euros toward the innovation and housing fund of the government.
The main changes on the plan which will take place as of May 15, 2019 are: a 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; a 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. The applicant must have a Schengen visa in order to be able to apply for naturalization. The investment should be maintained for five years following the date of naturalization, instead of three years. During the five-year period the investor will be able to change his investment, provided that a consent will be granted in this regard by the Ministry of Finance. Where the investment relates to the purchase of real estate property or properties as well as for the purchase of the required permanent privately owned residence, a planning permission, a completion certificate and a bank waiver will be required. The investment requirement for residential properties is kept at 2,000,000. Investment in other sectors is 2,500,000. Any application that includes resale property already used for a previous citizenship application by another applicant increases the amount of investment for the new application to 2,500,000. A complete abolition of investment in government bonds as an acceptable investment within the program which will take place as of May 15, 2019. An applicant who has applied for the acquisition of citizenship in any other member-state of the European Union and has been rejected will not be entitled to acquire Cypriot citizenship within the framework of the Cyprus Investment Program.