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Cyprus Investment Program (CIP) - REVISED
CYPRUS INVESTMENT PROGRAM: NEW CRITERIA WILL APPLY FROM THE 15TH OF MAY FOR INVESTORS SEEKING CYPRUS CITIZENSHIP
On the 13th of February, 2019, the Council of Ministers approved the following amendments to the Cyprus Investment Program for investors seeking Cyprus Citizenship. It shall be effective from 15/05/2019 and onwards:
The investor must proceed with a donation amounting to €75,000 to the “Research Promotion Foundation”. This obligation can be waived if the applicant has invested at least €75,000 in a certified innovative enterprise (an enterprise that acquires a corresponding certificate by the Ministry of Finance) or in a certified social company.
The investor must proceed with a donation amounting to €75,000 to the “Cyprus Land Development Corporation” for the purpose of implementing affordable housing projects and the implementation of other housing schemes / measures.
The investor is required to maintain their investment for a period of at least 5 years from the date of naturalisation, instead of 3 years which was previously the case.
Investments in the shipping sector have been added to the list of eligible investments, on the basis of measurable criteria.
Investment in Registered Alternative Investment Funds (RAIF) has been also included in the list of eligible investments.
In case where residential property is acquired, and had already been used for the purpose of acquiring citizenship via the Cyprus Investment Program (CIP) by another investor in the past, the threshold of the investment is increased from €2m to €2.5m.
The investment in Government bonds has been removed from the list of eligible investments.
In case the investor invests in real estate development & infrastructure projects, the following documents must be provided to the authorities: i)Planning permit ii) Certificate of Completion, duly executed by the architect of the project iii) In case where the property is under construction, it shall be necessary to maintain an amount equal to 5% of the value in a designated account or the equivalent bank guarantee from the seller of the property to the buyer (Performance Bank Guarantee) iv) A bank waiver from the banking institution in case of a mortgaged property.The applicant must hold a valid Schengen visa. In the event that the applicant has submitted an application to another Member State for citizenship and the application has been rejected, the investor will not be entitled to acquire Cypriot citizenship within the framework of the Cyprus Investment Program