Cyprus Citizenship (Cyprus Passport) for Investors

Cyprus Citizenship (Cyprus Passport) for Investors

On 13th of September 2016, the Cyprus Council of Ministers has approved the amendments to the Scheme for Naturalisation of Investors in Cyprus by Exception.  The said amendments are in line with the strategy of the Cyprus Government to further attract Foreign Direct Investment and encourage the use of Cyprus by High Net Worth Individuals. 

Summary of key changes introduced:

  • Level of investment reduced to a total of €2M - €2.5M, as opposed to €2.5M - €3M under the previous Criteria (between 19/03/2014 to 31/10/2016).

  • Applications will be submitted on a stand alone base (Collective Investments abolished)

  • Introduction of combination of all economic criteria.

  • Parents of the investor can now obtain the Cyprus Citizenship with an additional permanent residence of €500.000 (plus VAT if applicable).

  • Abolishment of the criterion of bank deposits.

  • Cap set on the investment in Cyprus Government bonds.

  • A Permanent Residence Permit will be issued prior to Naturalization (unless the applicant(s) is a Temporary Permit holder already)

For the period until the end of October 2016, investors can chose under which Scheme to apply, ie the revised Scheme approved on 13/09/2016, or the previous one approved on 19/03/2014. As from 1st November 2016, the revised Scheme comes in full effect.

Foytina Real Estate Agency can help you to acquire the Cyprus Passport Scheme via Real Property.  Please read here:  http://www.foytina.com/foytina-cyprus-citizenship

 


Oct 19, 2016

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