On the 13th of September, the Cyprus Cabinet approved amendments that will make its citizenship by investment program even more accessible and attractive. The amendments are no doubt to ensure further investments in the Mediterranean island’s economy by international investors and high net worth individuals from emerging markets. What has changed?…
Cyprus revamps its citizenship by investment program
On the 13th of September, the Cyprus Cabinet approved amendments that will make its citizenship by investment program even more accessible and attractive. The amendments are no doubt to ensure further investments in the Mediterranean island’s economy by international investors and high net worth individuals from emerging markets.
What has changed?
Under the revised program, there is no longer a need for applicants to form groups of five or more investors and the minimum real estate investment has been reduced to €2 million, from €2.5m previously. The investment must still contain a property of at least €500,000 which is considered as the residence of the investor. There is no doubt that this is great news for those looking to invest and it makes the already popular program a tantalising prospect.
The bank deposit and bond investment schemes have both been abolished. However, since the launch of the Cyprus citizenship program, real estate had always been the preferred qualifying investment and the decision to simplify the applicant’s investment decision and improve the property investment option is therefore in line with investors’ preferences.
Other new benefits include:
- The main investor’s dependant parents can be included provided they acquire a permanent residence property with a value of at least €500,000. This can be pooled into the main investment, enabling a more premium property to be purchased.
- The abolition of the ‘collective scheme’ concept speeds up the process and eliminates the prospect of an individual waiting on the formation of a group.
- In addition to obtaining their citizenship in six months, applicants will also obtain their Cyprus Permanent Residency (PR) status after only a week.
Crucially, the main incentives of the program, such as the speed of processing, the lack of a residency requirement, a three year exit window for all properties except the main residence and the inclusion of dependents up to age 28 remain unchanged.
More about the program
The Cyprus citizenship by investment program offers high net worth individuals and their family the opportunity to become citizens of Cyprus and be a citizen of an EU state. As a citizen of Cyprus, its passport allows you to live, work, study and travel anywhere within the European Union. Cypriot citizens also enjoy visa-free or visa on arrival access to 158 countries and territories and it is the only European passport that can be obtained in just 3 months.
This is why it has become one of the most popular citizenship by investment programs that we consult on here at Shorex Capital and these changes will no doubt see even more investment in the island nation.
If you are interested in finding out more about the program and how it can benefit you, please visit our dedicated Cyprus Citizenship By Investment Program page or contact a member of our team who will be happy to discuss the details of the program with you further.
