Cyprus launches redesigned Citizenship by Investment Programme
I am contacting to inform you that the Cyprus Government has approved significant new changes to its Citizenship by Investment Programme.
The most important amendments are:
- The investment amount has been reduced to €2.0 million from €2.5 million, provided the investment is in real estate.
- The collective investment option has been abandoned.
- The investor’s parents are now also entitled to apply for Cyprus Citizenship by Exception provided they have a permanent residence in Cyprus of at least €500,000 plus VAT.
- The provision for fixed bank deposits for 3 years has been abolished.
The redesigned program seeks to retain the exclusive nature of the Cypriot passport. The speed of processing and the non-residency requirement remain its unique features, currently unmatched by other EU countries competing to attract foreign direct investments such as Malta, Portugal, Hungary or Bulgaria. Within 3 months, qualified investors can be granted Cypriot citizenship approval, which makes it the fastest CIP in Europe. The immediate needs of applicants are also addressed, as citizenship applicants are now given a Residence Permit until they secure their passport.
For more information, please see the attached flyer or contact me directly.