As an update for Cyprus Citizenship Program, it’s our duty to remind our clients that on September 13th 2016, the Cyprus Council of Ministers has issued some crucial amendments to the Passport Scheme for the Naturalization of foreign Investors. The Cyprus Citizenship by Investment plan came to effect in 2013 and has been revamped once in 2014 as well. The scheme is detailed in Section 111A Subsection (2) of the Civil Registry Laws 2002-2015. The current amendments aim to attract more investors and enhance direct foreign investment according to statement released by the Minister of Finance to the press.
The most notable change made to the current Citizenship Program is the reduction of primary investment amount of EU$ 2.5 million to EU $ 2 million. As per the revised plan, now the investor applicants not only have to shell out less money, but also get a resident permit along with the citizenship. Other benefits including the right to education and employment in any 28 EU States are a plus!
Key Changes in the Amendments, dated 13th September 2016-
Other important changes made to the Cyprus Citizenship by Investment program are given below:
- Now it’s mandatory for the investor applicants to file an application for a residence permit along with the main application.
- Investors can purchase un-developed land along with an approved development plan of the said land.
- Inclusion of Dependant Parents of the applicant can be granted citizenship, after an investment of EU 500,000+ VAT in a residential property.
- Investors can also purchase special Government Bonds up to a limit of €500,000 as an eligible investment option to get the citizenship.
- Purchase of units and assets in qualifying Alternative Investment Funds based in Cyprus of minimum EU 200,000 is now qualified form of investment.
- Investors who have their economic activities based in Cyprus must employ at least 5 Cypriot nationals in their business.
- Bank deposits are disqualified from the criteria of investment options.
- The option for group investment of up to 5 investors with EUR 2.5 million payable by per investor is abolished.
The revision is targeting the investors who will reside in Cyprus and use the employment opportunities that will directly benefit the Cypriot economy. The requirement of purchasing a residential real estate property worth EU 500,000 remains intact.
When will the Revised Citizenship Scheme come to Effect?
As per the official announcement, from September 16, 2016, both the old and the revised program will run in tandem until 31st October, 2016. This way, applicants who have already applied under the previous plan can re-file their application as per the revised scheme. Those who want to go with the previous/old one can get their applications examined as before. From 1st November 2016, the revised Citizenship by Investment scheme will be effective exclusively. No applications filed under the previous scheme shall be credited as disqualified from November onwards. Until then, applicants are free to choose which program to go by.
Through any revisions or amendments to Cyprus Citizenship by Investment Program, CTrustGlobal is here to help! For any more information, detailed explanation of the program criteria or requirements, costs and fees, please follow this link- Cyprus Citizenship by Investment Program**
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