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Cyprus Property News

Changes to Cyprus citizenship by investment scheme to kick in on 15th May 2019.

Date: 25/04/19

A raft of changes to the popular naturalization by investment scheme announced by the Cyprus Government earlier this year will come into effect on the 15th of May.



These changes concentrate on tightening the checks on applicants in the face of E.U. pressure, while deflecting local criticism that the programme is only helping rich developers and sends the price of rents soaring.

 

The main bullet points of the changes are as follows:

 

    Investment requirement for residential properties is kept at €2,000,000. Investment in other sectors is €2,500,000. Any application which includes resale property already used for a previous Citizenship application by another applicant, increases the amount of investment for the new application to €2,500,000.

 


    A donation of €75,000 to the Foundation for Research and Innovation to promote the creation of an entrepreneurial innovation ecosystem.


 

    A donation of €75,000 to the Cyprus Land Development Corporation, aiming at the contribution to the integrated housing policy, specifically for the purpose of implementing affordable housing projects and the implementation of other housing plans/measures.


    The applicant must have a Schengen visa in order to be able to apply for naturalization.


    The investment should be maintained for 5 years following the date of naturalization, instead of 3 years.


•    During the 5-year period the investor will be able to change his investment, provided that consent will be granted in this regard by the Ministry of Finance;

  

    Where the investment relates to the purchase of real estate property or properties as well as for the purchase of the required permanent privately-owned residence, planning permission, a completion certificate, and a bank waiver will be required.


    Complete abolition of investment in government bonds as an acceptable investment within the scheme which will take place as of 15th May 2019.


    An applicant who has applied for the acquisition of citizenship in any other Member State of the European Union and has been rejected will not be entitled to acquire Cypriot citizenship within the framework of the Cyprus Investment Programme.


    The applicant should be in possession of a residence permit in the Republic of Cyprus for at least six (6) months prior to naturalization as a Cypriot citizen.

 


The main change from the point of view of those looking to invest is the combined 150,000 Euro forced donations to the Cyprus Land Development Corporations and the Foundation of Research and Development. In addition, the investment period is increased from 3 to 5 years before properties can be liquidated could have a detrimental effect on buyers when considering Cyprus and other countries. However, Cyprus investment scheme is still the fastest to provide Cyprus and thus EU naturalization. 


If you have any questions or would like further advice on naturalization by investment in Cyprus please email us.

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