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Cyprus is ready to introduce an updated and more attractive Citizenship by Investments Program (Cyprus Investment Program, CIP).  On July 31st the Cyprus Parliament voted the revised legislation and regulations of the Cyprus Investments Program (CIP).

Based on the official announcement received the below were voted and is expected to be officially announced soon.

  1. The financial criteria has remained the same:
  • an investment of €2,000,000 is required
  • plus acquiring a residency of at least €500,000 plus VAT.

In the case that the investment of €2,000,000 is in residential property, then no additional residency is required to be purchased. However, the investor is not allowed anymore to set up a land developing company as per of his/her investment plan.

  1. Donation amount:

It is increased to a total amount of €200,000 (€100,000 and €100,000)

  1. Parents of both the investor and his/her spouse can now apply provided that they acquire a residency of at least €500,000 plus VAT for each side. It is also provided the option to acquire a combined property of at least €1,000,000 plus VAT for both applications.
  1. The funds related to the Investment should be transferred to Cyprus account from an overseas private account of the investor and/or his/her company’s account.
  1. As the definition of a Politically Exposed Person has been clearly set any investor has the right to apply, as long as he/she has given up his state office 12 months prior to the application date (instead of 3 years)
  1. Criminal record can be issued 6 months prior to the application, instead of 3 months
  1. The Cyprus Government has the right to revoke the Cyprus Citizenship if some conditions occur which are clearly defined in the new regulations.

An independent committee is to be formed in order to examine such cases and provide opinions to the Council of Ministers.

  1. Applications submitted after the 31st of December 2019 are eligible to be examined based on the new regulations.

Globalserve Consultants Ltd will keep you updated on the amendments of the Cyprus Investments Program, CIP (Cyprus Citizenship by Investment)

Do not hesitate to contact us at Адрес электронной почты защищен от спам-ботов. Для просмотра адреса в вашем браузере должен быть включен Javascript. or through our contact form

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Globalserve Consultants Ltd is a licensed provider and accounting firm in Cyprus specializing in company registration in Cyprus and other jurisdictions, banking and accounting services as well as citizenship and immigration services in Cyprus. Find more information in our services and register to receive our newsletters and tax alerts www.gstaxconsultants.com

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