The Cyprus Investment Program offers to any successful applicant the opportunity to receive the Cyprus naturalization while it remains one of the most attractive of its kind.
The program has been revised since its publication and all changes apply to any applications submitted after May 15th, 2019.
The detailed description of the changes is set out below:
1. Compulsory donation of €75,000 to the “Foundation for Research and Innovation” to promote the creation of an entrepreneurial innovation ecosystem, which can be waived if the applicant:
a. invests at least €75,000 in a certified, by the Ministry of Finance, Innovative Business or Social Welfare Company,
b. invests at least 20% of the total required investment to a company that is operating in the primary or secondary sector of the Cyprus economy or in the field of education, research and technology, renewable sources of energy or health.
2. Compulsory contribution of €75,000 the “Cyprus Land Development Corporation”; for the implementation of affordable housing projects in Cyprus.
3. The total investment in residential property including the purchase of a permanent residence, shall be at least €2,500,000.
4. Investments in the Shipping sector will be reviewed and approved jointly by the Ministry of Finance and the Ministry of Shipping on specific measurable criteria.
5. Investments in the Cyprus Registered Alternative Investment Funds (AIFs) as well as investments up to €200,000 in the Cyprus Stock Exchange’s secondary market will also be taken into consideration for the CIP.
6. Residential units used for the purposes of the CIP, as well as any investments in residential units under the “Investment in Immovable Property, Land Development and Infrastructure Projects” criterion qualify for private residence in the Republic of Cyprus, if at least one of these housing units worth at least €500,000. This is applicable if the total value of the 3 investments, including the private residence, is at least €2.5 million.
7. The applicant is required to maintain the investments for 5 years minimum from the date of naturalization.
8. Government bonds are not included in the investment options anymore.
9. The applicant must be a holder of Schengen visa to have the possibility to apply for naturalization.
10. Any applicant who applied for citizenship in any other EU member and has been rejected, will not be permitted to acquire the Cypriot citizenship.