THE CYPRUS INVESTMENT PROGRAM
- The financial criteria of the program have remained the same, that is, an investor may invest up to 2 million plus acquiring a dwelling home the value of which is EUR 500,000 plus VAT. If the residency is EUR 2 million no further investment is required. The investor however will not be allowed to set up a property investment company.
- The non refundable donation to the government’s innovation funds as well as housing fund is being increased from 75,000 Euro to EUR 100,000, totalling EUR 200,000.
- The parents of both the investor and his/ her spouse can now apply for citizenship on the basis of the fact that each family acquires an additional dwelling home the value of which is EUR 500,000 or a single home the value of which is EUR 1 million, this being over and above of the main dwelling home of the applicant and his/her spouse.
- The funds for the investment should be wired into a Cyprus bank account from the private bank account or from the bank account of the investors’ company.
- The definition of a PEP has been defined so that it is in line with the Anti Money Laundering laws of Cyprus and any person who has ceased to be a PEP within the past 12 months, is eligible to apply for citizenship.
- The criminal record of all adult applicants can be six months old instead of three months old,
- The government has the right to revoke the citizenship if it transpires that citizenship was obtained contrary to the regulations.
- All applications which were submitted after the 31st of December 2019 will be examined subject to the above criteria.