On 18th August 2020, Cyprus Gazette published the amendments of the Cyprus Investment Programme, which have been decided and approved by the Council of Ministers:
1.The investor is obliged to make a donation amounting to €100,000 to “Cyprus Land Development Corporation”.
2.The investor is obliged to make a donation amounting to €100,000 to one of the following Funds:
- Research and Innovation Foundation; or
- Industry and Technology Service for the realization of targeted sponsorship plans for small and micro-enterprises; or
- RES and Energy Conservation Fund; or
- National Solidarity Fund.
3. The abovementioned donations should take place between the period from obtaining the approval of the application by the Council of Ministers and prior to the issuance of the Cyprus Naturalisation Certificate.
4. The investor is prohibited from incorporating a Construction company for channelling the investment and the permanent residential property.
5. Investment should be amounting to €2.000.000 in any of the below investment options:
- Primary sector of the economy or the sectors of technology, education, health and reusable energy sources.
- Establishment of developments, such as residential or commercial, development in the tourism sector or other infrastructure.
- To purchase or construct properties, including development in construction land.
Note: If the investor proceeds with the acquisition, incorporation or participation in Cyprus enterprises or companies,
the investor should employ at least 9 Cypriot and/or European citizens, who have to be employees of the Company.
- Invest in units of AIF’s or RAIF’s established, licensed and supervised in Cyprus by CYSEC. However, the purchase of units of AIFs and RAIFs from another AIFs or RAIFs will not satisfy the financial criteria of the programme.
- Invest in Residential and/or Commercial property/ies.
Note: In case that the investor invests in real estate developments & infrastructure projects, he/she must submit an
official search from the Land Registry of Cyprus or the title deed which has to be in the name of the investor.
1. The investor must submit a Clean Criminal Record issued at least 6 months prior to the submission of the application. It used to be 3 months.
2. Members of the family, including the parents of the spouse of the investor can submit an application simultaneously, with the submission of the application of the investor.
3. The investor and the family members must not act in a way so as to suggest that they accept or acknowledge in any way the illegal administration in the uncontrolled areas of the Republic of Cyprus, and/or do not hold any office in the uncontrolled areas and do not hold or have illegally entered, damaged or interfered with immovable property located in those areas which belongs to another rightful owner.
4. The following persons will not be able to obtain the Cyprus Citizenship under the Cyprus Investment Scheme:
- Persons whose property, which is located within the borders of the European Union, is ordered to be confiscated.
- Politically Exposes Persons, as per the Prevention and Suppression of Money Laundering and Terrorist Financing Laws that have a public position at the time of the submission of the application, 12 months prior the submission of the application. It used to be 5 years.
- Persons who have been convicted of a serious criminal offense punishable by imprisonment of 5 years or more or another serious offense or of a dishonorable offense or involving moral indecency.
- Persons who are subject to criminal investigation either in the Republic of Cyprus or in another country in connection with a serious criminal offense, which carries a prison sentence of 5 years or more or another serious offense or for a dishonorable offense or involving moral indecency.
- Persons associated with any natural or legal entity, on which restrictive measures have been imposed by the European Union. For example, shareholders or senior management of companies which are on sanction lists.
- Persons who were, but are no longer associated with, any natural or legal entity or organisation to whom restrictive measures have been imposed by the European Union. For example, shareholders or senior management that were affiliated with the specific companies when the sanctions were imposed.
- Persons sanctioned by the European Union or the United Nations which are or were in force for a period of up to twelve months prior to the submission of the application.
- Persons associated with any natural or legal entity or organisation sanctioned by the European Union or the United Nations which is or has been in force for a period of up to 12 months prior to the submission of the application.
- Persons who were but are no longer associated with any natural or legal entity or agency to whom restrictive measures have been imposed by the European Union or the United Nations which are or have been in force for a period of up to 12 months prior to the submission of the application. For example, such as shareholders or senior executives of companies on sanction lists, which were affiliated with those companies when the sanctions regime was imposed.
- Persons wanted on a pan-European basis by EUROPOL or internationally by INTERPOL.
Note: A detailed analysis of the updated Scheme will be provided in our upcoming brochure.