27.02.2019 The scheme of Cyprus Citizenship by Investment will be renamed to “Cyprus Investment Programme” (CIP)
Important changes are coming to the most popular for 2018 Citizenship by Investment Programme. As time is getting closer to the date of changing regulations apply today to become a European citizen and save between 150000 to 650000 euro.
The changes include the following:
- Limitation to 700 Applications Per Annum
- Applicants should be in possession of a Schengen visa;
- Applicants who were rejected by another EU country shall be excluded from the CIP;
- 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 a consent will be granted in this regard by the Ministry of Finance;
- Shipping will be included in the investment sectors, while investing in government bonds shall no longer be available for the purposes of the CIP;
- A planning permit shall be mandatory for properties under construction;
- A donation of €75,000 for research and development shall be mandatory;
- A donation of €75,000 to the land development organization to fund affordable housing schemes shall be mandatory;
- Due diligence and background checks shall be carried on by a specialized foreign firm on each applicant (the firm has not been hired yet).