OCTOBER 2020 UPDATE: The Cyprus citizenship programme has been canceled. The permanent residence fast track process has not been abolished, nor the normal track permanent residence status. Please contact us for more details – Cleo@Cyprus101.com
August, 2020 – The Cyprus Investment Programme has undergone quite a few changes recently and below are the highlights of what the changes entail.
Before the amount of the one-time non-refundable donation was 150,000 Euros. Now, the amount of the donation is 200,000 euros. A minimum investment of 2 million Euros for 5 years remains the same.
Under an investor’s application for citizenship, only the investor’s parents could apply for an additional investment of 500,000 euros in the past. Currently, the parents of the investor’s spouse can apply also for an additional €500,000 investment. Parents of both husband and wife can buy one property for at least 1 million euros.
Before, an adult family member, including children from 18 to 28 and the parents of the spouse, could apply for citizenship under the investor’s application after the investor is issued citizenship. Now, adult family members can apply for citizenship at the same time as the investor. Time to obtain citizenship is reduced now by doing it this way.
Financially dependent adult children between the ages of 18 to 28 years old who were married could apply for citizenship under their parent’s application. Now, if they are married, they do not qualify anymore.
Creating or forming a development company and investing in that same development project in order to obtain citizenship is not allowed.
Investing in a Cypriot company is allowed only if the applicant hires 9 Cypriot citizens, up from 5 in the past.
All funds relating to investments must be wired from the investor’s overseas bank account or their company. All payments for Cyprus investments must be in a licensed Cypriot credit institution and supervised by the Central Bank of Cyprus.
A police clearance certificate must be no older than 6 months.
Applicants can not apply for citizenship if they are convicted of a serious criminal offense punishable by imprisonment of five years or more, or another offense of similar severity. Additionally, citizenship cannot be claimed by applicants who are under criminal investigation.
An applicant can not have held public office for one year at the time of applying for citizenship and as long as they did not hold a major political position.
Please feel free to contact us if you have any questions.
Diane – 99 455 068