The revised Cyprus Investment Programme (CIP) was put into effect on the 26th of February 2019 and was applied to all applications submitted after the 15th of May 2019.
The Government has officially announced the amendments with regards the Cyprus Investment program which will be in effect from the 15th of May 2019 and onwards.
Please find below the Amendments:
- Investors will be required to make a donation of 75,000 EUROS to the “Research Promotion Foundation”.
- An Additional donation of 75,000 EUROS will be required to be paid to the “Cyprus Land Development Corporation”.
- Investors will be required to maintain their investments for a period of 5 years from the date of Approval instead of 3 years. During those 5 years they can sell or change their investment to an equivalent investment by granting an approval by the Ministry of Finance in advance.
- Each Applicant above the age of 18 must hold a valid Schengen visa at the time of the application submission. Passport holders from Countries that Schengen is not required in order to travel in the area are excluded and they will not be asked to provide this document.
- In cases where an applicant has previously submitted an application for obtaining a Citizenship in another EU Member state and has been rejected, the Investor will not be allowed to submit an application for obtaining the Cyprus Citizenship under the CIP.
- In the Instance where a residential property acquired had already been used by another investor for the purpose of CIP, the required investment amount is increased from 2 mil EUROS to 2.5 mil EUROS
- For any investments in Real Estate the following documents should be provided to the authorities at the submission of an application:
a. Planning permit
b. Bank waiver in cases where there is a mortgage on the property
c. Certificate of completion signed by the Architect of the Project (for completed properties).
d. In cases where a property is not completed (under construction, off-plan) at least 5% of the total value of the property should be blocked in a bank guarantee OR a separate special account.
- The Investment criterion in Government bonds (for 500,000 EUROS) is now abolished.