New Criteria and Procedure for Cyprus Citizenship by Investment
Revised Scheme 13/09/2016
On the 13/09/2016, the Cyprus Council of Ministers has approved the amendments to the SCHEME FOR NATURILAZATION BY EXCEPTION OF INVESTORS IN CYPRUS.
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.
- Applications will be submitted on a stand-alone base; criterion of 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.
- 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 Naturalisation (unless the applicant is Temporary Permit holder already).
For the period until the end of October 2016, investors can choose under which Scheme to apply, i.e. the revised Scheme of 13/09/2016, or the previous 19/03/2014.
As from 01/11/2016, the revised Scheme comes in full effect.
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