On 18th August 2020, the long awaited regulations governing the Cyprus Investment Programme have been published in the official Gazette. Although the main financial qualification criteria remain the same, the following changes have now been implemented:
1) The minimum contributions to local (pre-determined) charitable organisations and innovation institutions have increased from EUR150.000 to EUR200.000 in total and limited choice of such eligible contributions has now been offered to investors.
2) Politically-exposed Persons (“PEPs”) who have ceased to be categorised as such at least a year prior to application submission, will now be able to apply for the Cyprus Investment Programme.
3) The term ‘underage child’ has been further clarified to include unmarried children of applicants (including adopted and extramarital) under the age of 18.
4) Parents of the main applicant’s spouse can now apply as dependants provided that they purchase an additional real estate asset for a minimum of EUR 500.000 or purchase a common real estate asset with the main applicant, for a minimum of EUR1.000.000 . Previously only the main applicant’s parents were eligible for application under these criteria.
5) In addition to financial and other criteria, the main applicant has to provide a clear criminal record certificate, issued by the authorities of his country of residence at least 6 months before application submission (previously 3 months).
6) The option of establishing a business in Cyprus now requires the employment of nine Cyprus or EU citizens (previously five).
Our expert team can assist further and guide you step-by-step on the detailed requirements and process