Highlights! The great news is: all family members, including parents, can now apply within a single application. Previously, the main candidate filed his or her application first. Then the family members had to file a separate application, which could extend the process for up to two years.
Other changes in a nutshell:
- Citizens need to provide proof of held property in the course of 5 years
- Donations up from EUR 75,000 to 100,000 EUR each (at least two required)
- In terms of participation in business, the required number of Cypriot or EU employees is up from 5 to 9
- Married children can no longer apply under the parent’s application
In the course of five years – the term of holding the property – all applicants must provide proof that they still own the residence under their name to the Ministry of Finance and Ministry of Interior.
The Research and Innovation Foundation now requires a donation of at least EUR 100,000. This donation was previously set at EUR 75,000. The donation should be made after the citizenship is approved, yet before the certificate of naturalisation is issued. As before, the alternative is to invest at least EUR 100,000 in a certified innovative enterprise approved by the Ministry of Finance, or a certified social enterprise.
Alternatively, the investor can make a donation of at least EUR 100,000 to the Service of Industry and Technology, Renewable Energy and Energy Saving Fund or National Solidarity Fund.
The other donation of at least EUR 100,000 goes to the Cyprus Land Development Corporation. This donation is up from the previously set EUR 75,000. The funds are channeled to finance affordable housing.
The investment of EUR 2,000,000 can be made in the primary sector of the economy or in the fields of research and technology, education, healthcare or renewable energy sources, or residential or commercial developments, developments in tourism sector or other infrastructure projects, or for the purchase or construction of real estate, including investment in a building land. In the latter case, an investment plan for development should be provided.
Also, it is now explicitly prohibited to establish a land development company with the purpose of investment.
Previously, within the option of purchase, establishment or participation in Cypriot businesses, the number of Cypriot/EU citizens to be employed was set at 5. Now, this number has been raised to 9.
In addition, it is no longer explicitly indicated that an investment of up to EUR 200,000 may also be alternatively made in securities of the secondary market of the Cyprus Stock Exchange.
The investment funds should be taken from the investor’s personal account or companies’ accounts abroad. The funds should be sent to Cypriot credit or payment institutions licensed and supervised by the Central Bank of Cyprus.
As for the criminal record, the clean record reference now expires in six months, not in three months as it was set before.
Politically Exposed Persons can now file their applications after one year of not holding the office. Previously, the term was set at five years.
Important! Family members of the main applicant don’t have to wait for the main applicant to receive his or her citizenship. They may now file their applications right away.
Married children can no longer apply under the parent’s application. However, parents of both the main applicant and their spouse can now apply for citizenship. Previously only the parents of the main applicant could benefit from the programme. The main applicant and the main applicants’ parents can now purchase a single residence at the minimum cost of EUR 1,000,000.
Please keep in mind that the Council of Ministers may reject an application even if all necessary documentation has been submitted. The Ministries of Finance and Interior may require additional documentation and data at any stage of the application. To ensure smooth application processing and a guaranteed result, contact the Astons team.
Astons is a leading global immigration advisory firm with offices in Limassol and worldwide. We can help you apply for Cyprus’ residency by investment program, and other solutions across Europe and the Caribbean. For further information or to discuss your personal circumstances in a private consultation, please contact Astons at [email protected].