As per the recent decision of the Council of Ministers, dated the 13th of February 2019, the Cyprus Investment Program has been amended as follows:
Amendments on the Financial Criteria
- In addition to the existing investment parameters, the applicant must have made the following donations:
- €75.000 to the Cyprus Land Development Foundation; &
- €75.000 to the Research & Innovation Foundation
Exemption from the abovementioned requirement (b) is granted if the applicant has:
– Invested at least 20% of the minimum required investment amount (i.e. €400.000) in Cypriot companies operating in the primary or secondary sectors of the economy (excluding the construction sector), or in the sectors of research and technology, education, health and renewable energy; or
– Invested at least €75.000 in a certified innovative or a certified social enterprise
- Investments in the shipping industry have been included in the eligible investments. Such investments must be in line with criteria to be set by the Ministry of Finance and the Shipping Deputy Ministry
- Investment in Registered Alternative Investment Funds (“RAIF”) is introduced as an eligible investment option in addition to the option of investing in Alternative Investment Funds (“AIF”). Both types of Funds can either invest in any of the existing investment options and/or up to a maximum of €200.000 in securities traded on the secondary market of the Cyprus Stock Exchange
- In cases where the applicant is investing in residential property/ies which were previously used for the purposes of fulfilling the criteria of the Cyprus Investment Programme, the total investment must be €2.500.000 (not €2.000.000)
- The option of investing in Cyprus Government Bonds has been abolished
Amendments on the Terms and Conditions:
- Adult applicants should be in a possession of a valid Schengen Visa
- The retaining period of the investment(s) is 5 years (previously 3 years). Any changes in the status or circumstances of the investment(s) should have the prior approval of the Ministry of Finance
- Investment in Real Estate, Land Development and Infrastructure Projects can only be considered as eligible provided the following are met:
– The property has been granted the Planning Permit (in cases where the title deed has not been issued);
– A Certificate of Completion has been issued by the architect of the property;
– In cases where the relevant property is under construction the seller must deposit in a special account in favour of the investor an amount equal to 5% of the purchase price. Alternatively the seller may issue a Bank Guarantee for the same amount in favor of the investor;
– In cases where the property is mortgaged the applicant must be given a written declaration by the mortgage lender undertaking to waive the mortgage when the investor or the seller will pay to the lender the amount stated in the relevant declaration
- The applicant should not have been rejected from obtaining the citizenship of any other EU member state. In this respect, the applicant should provide a sworn affidavit. This condition has come into effect as from the 26th of February 2019, being the date of publication of the decision of the Council of Ministers in the Cyprus Gazette.
All the above mentioned changes, except expressly otherwise stated, will come into effect on the 15th of May 2019.