Cyprus Citizenship Program Updated
The latest amendments to the Cyprus Investment Program that were approved by the Parliament and published in the government gazette in mid-August can mostly be described as a reorganization and improvement of the program and its processes, and a clarification of its parameters and limits. The essence of the CIP has not changed and the structure and core principles remain in place. Foreign Investors who invest at least €2 million in Cyprus under one of the approved investment categories and acquire a home in Cyprus of at least €0,5 million are eligible to apply for naturalization for themselves and their dependent family members subject to two donations to state funds or corporations.
Eligibility to apply is subject to the applicant:
- having a clean criminal record,
- not being a PEP,
- not being sanctioned or related to sanctioned persons or entities by the EU or the UN,
- not having been sentenced for a serious offence or subject to a criminal investigation for the commitment thereof,
- not having a freezing order against them in the EU,
- not wanted by EUROPOL or INTERPOL,
- not having applied for naturalization in any other EU Member State and having been rejected,
- holding a valid Schengen Visa, and
- holding a 6-month Cypriot permanent residency permit.
What has changed is the following:
1. The parents of the spouse/partner of the main applicant can now also apply as dependents provided they acquire their own home in Cyprus of at least €0,5 million (previously this option was only available for the parents of the main applicant).
2. The entire family applies together (previously the dependents only applied after the main applicant was approved).
3. When investing in a Cypriot business it must be proven that said business has a physical presence in Cyprus, with substantial activity and significant turnover, and that it employs at least 9 Cypriot or EU citizens (previously 5)
4. More stringent monitoring with the establishment of a Supervision and Control Committee aiming to regulate the CIP registered service providers and a Naturalizations Control Unit responsible for the monitoring of the compliance of the applicants with their obligations under the CIP.
5. The grounds for revocation have been extended and gaps in the process have been filled.
6. The mandatory donations that follow an approval have been increased to a total of €200,000, out of which €100,000 must be donated to the Cyprus Land Development Corporation and the remaining €100,000 to one of the following:
- The Research and Innovation Foundation; or
- The Industry and Technology Service; or
- The Fund for Renewable Energy Sources and Conservation of Energy; or
- The National Solidarity Fund.
Emphasis is placed on the fact that all funds used for the investments must be funds emanating from the bank account of the investor or a company of the investor based abroad.
Permanent Residence in Cyprus
Citizenship by Investment in Cyprus