Cyprus Citizenship Program Revised

Cyprus Citizenship by Investment Program

Dr. Jean-Philippe Chetcuti | 15 Sep 2016

Cyprus Citizenship Program Revision

The fast-track period for the attainment of Cyprus Citizenship has been the main factor making the Cyprus Citizenship programme so attractive. 

Light Residency Requirement Introduced

A 6-month residency requirement has been introduced to bring the Cypriot Citizenship program closer to EU approval.  This will result in the need to apply for Cyprus PR (via fast track method) in parallel to working on a Cyprus Citizenship application.  The only physical presence requirements that will need to be met are those of the PR program, being one visit in the first year (usually for issuance of residency card).

Minimum Investment now €2m + €500k Residence

The most important change announced by Cypriot Finance Minister Harris Georgiades is the abolishment of the provision for a collective investment of €12.5 million. Instead, the minimum individual investment will now stand at a straight €2 million plus the purchase of a residence worth a minimum of €500,000.  This effectively reduces the original minimum investment of €5 million whilst allowing investors to apply independently.

Property Investment Route extended

Land, with a non-binding development plan (not building licenses), shall now also be considered eligible property under the Cypriot Citizenship program.

Family Applications

After the changes, parents of the main applicants can now be included within the same application as long as each set of parents acquires an additional residence worth €500K separately from that required of the main applicant.  

Cypriot Residency while you wait 

Moreover, under the revised programme, applicants will benefit from the granting of a Residence Permit while they wait for their passport to be secured, a factor which not only caters for the immediate needs of the applicants, but also makes the programme a highly advantageous one vis-a-vis other citizenship programmes.

Residential Property for Life

The original requirement that investors maintain a genuine link with Cyprus demonstrated by keeping a €500k residence for the duration of their lifetime has remained.  This ensures that new Cypriot citizens will always have a permanent housing unit in Cyprus as a basis for retaining their Cypriot Citizenship.

Grandfathering

We are informed that the new program will give a short notice/grace period possibly as little as one month, but possibly as long as three months.

Summary of Changes to Cyprus Citizenship

Before the Changes After the Changes
Provision for a Collective Investment of €12 million (grouping of five or more investors) The cumbersome requirement to group applications has now been removed so that applications can be submitted without waiting for a group of five to be completed. Likewise, difficulties in the processing of one file won't hold up the other 4 files.
The granting of citizenship with €5 million bank deposit This route to Cyprus Citizenship has been abolished
€5 million individual investment Minimum individual investment is now reduced to €2 million + purchase of property worth €500,000 +VAT, if applicable.
Fast track process of 3 months to be granted citizenship Fast track process of 3 months to be granted citizenship + Granting of a Residence Permit while you wait for your passport.  Overall 3 month processing time remains
Parents of main applicants were not eligible Parents of main applicants may be included in the same Cyprus Citizenship application, provided an additional €500,000 investment is made in residential property in Cyprus.
 


Contact Us
Key Contacts

Mr Charles Savva

Managing Partner, Cyprus

+357 2203 0262

Dr Jean-Philippe Chetcuti

Managing Partner

+356 22056411

Mr Charlie Peter Savva

Partner, Cyprus

+357 2203 0262

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