Stricter Rules for Cyprus Citizenship

Stricter Rules for Cyprus Citizenship approved by the Cabinet on 14 February 2019.
Schengen Visa required prior to application.

The Cabinet of Cyprus approved several changes to the Cyprus Investment Programme, introducing stricter rules to be met when applying for Cyprus citizenship.

While the technical details of implementation still need to be announced, the major changes are:

  • Applicants for Cyprus citizenship now need to be in possession of a valid Schengen Visa.
  • The required investment needs to be maintained for at least five years (previously three years).
  • Investment in Government Bonds is not eligible anymore.
  • Applicants who previously applied for citizenship in another EU country and have been rejected, will not be entitled for Cyprus citizenship anymore.
  • Applicants for Cyprus citizenship must be in possession of a Cyprus residence permit for at least six months prior to naturalization as Cyprus citizen.
  • A mandatory donation of EUR 75.000 to the Foundation for Research and Innovation is now mandatory. The funds of the Foundation are used to promote the creation and enhancement of the innovation ecosystem of Cyprus.
  • The required minimum investment remains EUR 2.000.000, plus EUR 500.000 in the applicants own residential property. New is that min. 20% of the EUR 2.000.000 need to be invested in-line with the criterion “Buy or set up or participate in Cyprus businesses and companies”.
    Companies to be invested in must be active in the primary or secondary sectors of the economy, or in one of the fields of research and technology, education, health, or renewable energy.
  • A further mandatory donation of EUR 75.000 has to be provided to the Cyprus Land and Development Corporation, aiming for implementing affordable housing policies.
  • Investments in the shipping sector have been included in eligible investments.
  • Investments in listed Alternative Investment Products are now an eligible investment as well, with a cap of EUR 200.000.
  • Cyprus will publish an annual Implementation Report, which will include the numbers of Cyprus citizenships granted, the original nationality of the new citizens, and the sector of investment.

As experienced consultants for localisation in Cyprus, Shanda Consult will be happy to guide you with local investments in the shipping industry, in the areas of research and technology, education, health, or renewable energy, in real estate projects, and in companies of the primary and secondary sector in Cyprus. Please contact us through the below contact form.

More information on our website: The Cyprus Investment Programme

 

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