Cyprus Investment Programme Revised

Cyprus Investment Program

Dr. Jean-Philippe Chetcuti | Published on 16 Sep 2016

Cyprus Citizenship Program Revision

"As of 1st November 2020, the Cyprus Investment Programme is closed until further notice. Contact us for further information."

On 13th September 2016, in an effort to build on the experience of practitioners advising HNW applicants for Cyprus Investment Programme, the Cypriot government approved a number of revisions to the Cyprus Investment Programme. This revamp was carried out by the Ministries of Interior and Finance which carefully considered the needs of the target audience and their motives for attaining citizenship, the increasing need for further transparency and the need to facilitate the evaluation process of the application.

Cyprus Investment Programme: The Changes

The 3-6 months period for the attainment of Cyprus Citizenship is already a highly attractive factor that adds to the lure of the programme, but the amendments carried out make the programme simpler and even more efficient than ever. The changes include provisions which ensure further safeguards for investors and facilitate the main applicant’s ability to ensure his/her dependent parents will be granted citizenship as well. The agility and simple, straightforward character of the application process is reflected in the Cyprus Investment Programme's ranking as one of the “top ten best in the world”.

Minimum Investment now €1.5m + €500k Residence

The most important change announced by Cypriot Finance Minister Harris Georgiades is the elimination of the provision for a collective investment of €12.5 million. Instead, the minimum individual investment will now stand at a straight €1.5 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 applicant can now be included within the same application provided there is an additional investment in residence worth €500K.

Cypriot Residency while you wait 

Moreover, under the revised programme, applicants will benefit from the granting of a Cyprus 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.

Cyprus: A Destination of Choice for HNWIs

Cyprus, with its strategic geographical position at a crossroads between three continents and its warm climate which offers a calm Mediterranean lifestyle with a European standard of living, stands as an ideal relocation destination through which one can do business. The Cypriot economy is also recovering splendidly and now vaunts robust economic management as it sets new records in recovery. Cyprus is ripe with opportunities waiting to be explored by investors under the Cyprus Investment Programme.

Summary of Changes to Cyprus Investment Programme

Before the ChangesAfter 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 depositThis route to Cyprus Citizenship has been eliminated
€5 million individual investmentMinimum individual investment is now reduced to €1.5 million + purchase of a residential property worth €500,000 +VAT, if applicable.
Process of 3 months to be granted citizenshipProcess of 6 months to be granted citizenship + Granting of a Residence Permit while you wait for your passport.  
Parents of main applicants were not eligibleParents of main applicant may be included in the same Cyprus Citizenship application, provided an additional €500,000 investment is made in residential property in Cyprus.
No need to physically visit CyprusWhile there is no need to physically reside in Cyprus, one visit is required to obtain Biometrics and receive PR Permit


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Dr Jean-Philippe Chetcuti

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+356 22056411

Dr Antoine Saliba Haig

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