Sunday, November 24, 2024

New criteria announced with Cyprus CBI contributing 1.2% to GDP growth

The Cyprus citizenship by investment scheme has contributed to 1.2% of GDP growth bringing in €6.6 billion euros since the launch of the scheme.

 

A total of 1,864 cases of naturalization by investment have been approved since the start of the project in 2013, said Finance Minister Haris Georgiades in a cabinet meeting

 

The Cabinet approved the new criteria for granting a Cypriot passport for an investment of €2.5 million, including the purchase by the owner of a homeowner. The total investment included of their own dwelling amount to at least € 2.5 million euros.

 

New Changes

 

  • Cyprus CBI will be more stringent with applicants refused by Schengen and member states will be refused.
  • The holding period for investments has been increased to 5 years from 3 years
  • New Provision is also made for a mandatory donation of € 75,000 to the Research and Innovation Foundation and a second € 75,000 to the Cyprus Land Development Agency, amounting to total donation of €150,000.  The mandatory contribution to the research and innovation institute is lifted if the applicant will invest at least € 75,000 in a certified innovative business or a certified social business.
  • Investment Property and Infrastructure are not required to buy additional dwelling, if atleast one of these dwellings is worth at least € 500,000

 

Read more here

Prabhu Balakrishnan
Prabhu Balakrishnan
Founder of Citizenship by Investment News. Chief Editor with over 15 years experience in PR and News publishing. He Loves writing about citizenship, residency and wealth migration. CIP Journal is a Leading publication founded in 2017 bringing latest news from CBI/RBI market.

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