Cyprus’s Citizenship by Investment Revenues Go Beyond EUR 1 Billion in 2019
Urged with the price rise, applicants have actively invested in the Cypriot real estate and other assets this year bringing EUR 1.1B into the local economy. Over 550 investors have been approved by the Cyprus authorities from January 1, 2019, which is comparable with the full-year numbers of 2018 (583).
With a bare minimum of EUR 2M per applicant, the Cypriot Citizenship by Investment Programme (CIP) will have yielded at least EUR 1.1B in 2019, or roughly EUR 28M per week. Most investors rushed to file their applications to preempt the new rules imposing an extra EUR 150,000 donation.
The Cyprus CIP has an 8-year track record of continuous growth, yet the increase has its predefined boundaries. To mitigate the concerns in Brussels, Cyprus has imposed a restriction of 700 applicants per year. This will inevitably curb the country’s numbers in terms of new citizens, yet the Cypriot authorities may gradually raise the entry barriers and boost their revenues.
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