On August 18th, the Ministry of Interior of Cyprus announced the new Cyprus Investment Program (CIP), with the following details:
1. The donation amount for investors has changed from €150,000 to €200,000;
2. Politically Exposed Persons (PEPs) are not allowed to hold any "important positions" within one year prior to submitting their application for the Cyprus Investment Program (the previous policy was five years), but applications can be opened if they can provide proof of the source of funds;
3. The parents of the investor's spouse can now be included in the investment project plan;
4. The validity period of the criminal record certificate has been extended from three months to six months;
5. Investors are no longer allowed to apply for Cyprus citizenship through the establishment of a real estate development company.
According to the new policy, the parents of both the investor and the spouse can apply for a Cyprus passport, whereas previously only the parents of the main applicant could apply. Additionally, applications for all family members can now be submitted simultaneously with the main applicant's application (or later). Previously, family member applications could only be submitted after the main applicant's citizenship was completed. This will significantly save the time for dependent applicants to obtain citizenship.
Furthermore, the new policy extends the validity period of the criminal record from three months to six months. For politically exposed persons, it is stipulated that they will be eligible for Cyprus citizenship 12 months after leaving their national position, which is a significant reduction from the previous five-year requirement.
Overall, although the new legislation has increased the donation amount for applicants, it has also made very humane adjustments, especially regarding the inclusion of the parents of the applicant's spouse. It is believed that the implementation of the new legislation will bring more legitimate and compliant applicants to Cyprus, which will further promote the healthy development of the country's economy. WorldWay Immigration will continue to follow up on the details of the new Cyprus investment program regulations, please stay tuned.
The Cyprus passport has long been known in the immigration community as the "Hermès of passports"; it combines the benefits of Commonwealth and European Union passports, and holders can achieve indirect residency in the United Kingdom under certain conditions. As a member of the European Union, obtaining a Cyprus passport not only allows visa-free access to over 160 countries and regions but also enables holders to freely migrate, work, reside, and study in any of the 27 EU member states (including Germany, Austria, Italy, France, Finland, etc.), the three member states of the European Economic Area (Norway, Iceland, Liechtenstein), and Switzerland, totaling 31 European countries, while enjoying the generous benefits of EU citizenship in EU countries.
At the same time, Cyprus has received preliminary approval from the EU to join the Schengen Area, making it one of the few countries that can combine the identities of an EU member state, Eurozone country, Commonwealth member, and Schengen Area member, which speaks volumes about its value.
In fact, since its launch, the Cyprus Investment Citizenship Program has been highly favored by investors. The World Report also pointed out that Cyprus's identity investment is most sought after by the wealthy. Eleni Mavrou, Chair of the Interior Committee of the House of Representatives of Cyprus, revealed that in the five months since the beginning of 2020, there has been a continuous influx of applicants for Cyprus passport immigration, with over 200 investment citizenship applications received.
It is recommended that interested investors seize the current opportunity, apply early, and benefit early. The WorldWay Immigration Group, ranked among the top 500 Asian brands, has maintained good interaction with the Cyprus government for many years. In 2011, it was one of the first to introduce the Cyprus Permanent Residency and Special Citizenship Program to China, starting an exciting journey of investment immigration to Europe; in 2014, the "Paphos Night" events in Beijing and Shanghai were investment and cultural exchange activities themed around European cities.
2020 Health Planning Year! Health planning, identity first. For more details, please consult the hotline, Mainland China: 400-138-2929 Hong Kong, China: (852)2802 8798.
Investment involves risks; the above information is for reference only.