The Cyprus citizenship by investment programme has attracted EUR €6.6 billion to its real estate sector. The ministers of finance and internal affairs put to the vote of Council of Ministers of the Republic of Cyprus the following changes to the Cyprus Investment Programme (CIP), which allows obtaining citizenship in 6 months, and the following will be mandatory to all potential investors applying for the Cyprus citizenship-by-investment programme from May 15th:
In order to be approved for citizenship:-
All applicants will have to be in possession of a Schengen visa.
Applicants who were rejected by another EU country will be excluded from the programme.
A further compulsory government donation of €150,000 will be required.
The investment period will be increased to 5 years, instead of 3 years.
During this 5-year period, the investor will be entitled to change his investment into other forms of permitted investments, provided he/she obtains consent from the Ministry of Finance, prior to making any changes;
If a residential property had already been purchased under the CIP, the required investment is increased from €2m to €2.5m. Newly built properties investment will remain at €2m.
Shipping will be included in the investment sectors while investing in government bonds will no longer be available.
A planning permit shall be mandatory for properties under construction.
Due diligence and background checks shall be carried out by specialist foreign firms on each applicant.
If you have been considering investing for Cyprus citizenship, you may wish to make the step now, before the above changes are implemented in order to avoid; higher investment requirements, stricter due diligence, greater investment period lock up, and compulsory donation, do so before May 15th. The extent of saving anything between €150,000 to €650,000 Euros.
Our expert consultants and partners are positioned to offer you unique, tailor-made investment opportunity to suit your needs.
Contact one of our experienced consultants to arrange a confidential meeting or phone call to discuss your interest or any questions you may have.