It is well-known that the Cyprus Investment Citizenship Program has seen rising application thresholds since last year, which not only limits the quota of applications but also increases the donation costs. The increasingly strict immigration policies are becoming an inevitable trend.
1. Investment Policy
On September 13, 2016, the Government of Cyprus announced that immigration to Cyprus can be obtained through the following methods:
Method One: Applicants for investment must purchase one or more privately owned properties with a net value of €2 million within Cyprus.
Exit Mechanism: After holding the property for 3 years, the investor may sell it, but must retain at least one privately owned property valued at €500,000 to maintain their citizenship.
Method Two: Applicants for investment must invest at least €2.5 million in commercial property plus a privately owned property within Cyprus, with the net value of the privately owned property exceeding €500,000.
Exit Mechanism: After holding the property for 3 years, the investor may sell it, but must retain at least one privately owned property valued at €500,000 to maintain their citizenship.
2. Latest Cyprus Investment Program Policies
The Ministry of Interior of Cyprus announced the latest “Cyprus Investment Program” policies on February 26, 2019, which will officially take effect from May 15, 2019.
1. Increase Donation to €150,000
€150,000 of the funds is divided into €75,000 donated to the Research and Innovation Foundation and €75,000 donated to the Land Development Association; the former is used for research and commercial innovation development, while the latter provides funding for affordable housing issues.
2. Extension of Investment Holding Period
The investment holding period for investors has been extended from three years to five years calculated from the date of citizenship acquisition, during which investors may alter their investment targets with permission from the Ministry of Finance.
3. Applicants Must Have a Schengen Visa
Investors and dependent applicants over the age of 18 must submit their citizenship application under valid Schengen visa conditions.
4. No Visa Refusal History from Any EU Country
Investors who have had any application for citizenship in other EU countries refused will no longer be eligible to apply for the “Cyprus Investment Program”, except for applicants who were approved before May 15.
5. Strengthening Background Checks
Background checks for all applicants will be uniformly conducted by an international professional organization;
6. Elimination of Government Bonds
The “Cyprus Investment Program” will no longer include government bond investment targets;