WorldWay Group has learned that the Cyprus Investment Programme has undergone sudden changes! Recently, President Nicos Anastasiades of Cyprus, along with the Minister of Interior, the Minister of Finance, and other senior government officials, held a meeting to amend the legislation for the Cyprus Investment Programme. The amendments have been finalized and submitted to the Cyprus Council of Ministers for approval.
According to the latest news, the Cyprus Council of Ministers officially passed the new legislation for the Cyprus Investment Programme on February 13, 2019. The details of the legislation will be further submitted to the Ministry of Interior for approval.
The new legislation has come into effect, with the following content:
The following provisions are effective immediately:
· The investment must be held for at least 5 years from the date of naturalization, rather than 3 years.
· Applicants must hold a valid Schengen visa when submitting their immigration application.
· Applicants who have been rejected for citizenship by other EU member states are no longer eligible to apply for the Cyprus Investment Programme.
· Applicants must hold a Cyprus residence permit for at least 6 months prior to naturalization.
· There are specific and clear standards for shipping investments.
· The investment amount for Alternative Investment Funds traded on the secondary market of the Cyprus Stock Exchange has increased to 2 million euros.
· The fund investment option has been abolished.
· Investors have the right to change their investment method only with the permission of the Ministry of Finance.
The following provisions will take effect on May 15, 2019:
· A donation of 75,000 euros must be made to the Research and Innovation Foundation to promote the construction of Cyprus's enterprise innovation ecosystem.
· A donation of 75,000 euros must be made to the Cyprus Land Development Corporation to support the construction of affordable housing projects and other residential projects for Cypriot citizens.
· If an investor purchases property that has already been used to apply for a Cyprus investment project (resale property), the minimum investment amount will increase to 2.5 million euros.
· If an investor applies for citizenship by purchasing real estate, they must provide planning permits, certificates of completion, and bank waivers.
As is well known, the high-value Cyprus Investment Programme has always attracted the attention of global investors due to its advantages, such as obtaining an EU passport in one step. As a member of the European Union, after obtaining a Cypriot passport, you can not only travel visa-free to more than 150 countries and regions, but also freely move, work, and reside in any of the 28 EU member states (including the UK, Germany, Austria, Italy, France, Finland, etc.) and the 3 member states of the European Economic Area (Norway, Iceland, Liechtenstein), as well as Switzerland—a total of 32 European countries—and enjoy the generous benefits of EU citizenship!
It is worth mentioning that in the middle of last year, the Cyprus Investment Programme began to limit the number of applications to 700 per year. Although the full-year application data for 2018 has not yet been compiled, there were 521 applications in the first 8 months of last year. If calculated based on 2017 data and ratios, 750 people would have ultimately obtained a Cypriot passport in the first 8 months of 2018. This means that the number of people eligible for a passport in 2018 significantly exceeded the actual number of passports available for issuance. The 700-passport limit may cause applicants after August 2018 to be delayed until 2019 for approval, occupying the 2019 quota.
With the continuous increase in audit thresholds and changes to the investment citizenship policy, the path to applying for a high-value Cyprus EU passport may become increasingly difficult. WorldWay Group kindly reminds: Investors who intend to apply for a Cyprus EU passport should act quickly and submit their applications before the new policy officially takes effect on May 15. The earlier you apply, the sooner you benefit! The saying "Immigration should be done early" may sound like a cliché, but in the face of rapidly changing immigration policies, it is truly no exaggeration. Under the trend of tightening European immigration policies, the result of waiting and watching is an increase in immigration costs and thresholds; you may need to spend more time and energy on the same process.
As a top 500 Asian brand and a leading institution in the investment immigration industry, WorldWay Group, as a pioneer in Cyprus investment immigration, has always been at the forefront of the industry in promoting Cyprus passport immigration: in 2011, it was one of the first to introduce Cyprus permanent residence and naturalization schemes to China, starting a wonderful journey of European investment immigration; in 2014, the "Paphos Night" events in Beijing and Shanghai were the first investment and cultural exchange events in China themed around a European city.
To apply for a Cyprus EU passport, choose the formal, professional WorldWay, which has excellent government relations, to make your immigration journey easier! Consultation Hotline: 400-138-2929.