The Ministry of Interior of Cyprus has officially published the new guidelines effective from May 15, 2019, as a part of new changes of the citizenship by investment scheme.
The new revision of the investment scheme published in the Government Gazette on 26th of February 2019
The Ministry of Interior, said in its website
“On the 13.2.2019 the Council of Ministers purposing, to ameliorate the “Cyprus Investment Programme”, introduced new criteria and terms based on which non–Cypriot entrepreneurs/ investors and members of their families may submit applications in accordance with the provisions of the “Programme”.
According to the relevant decision of the Council of Ministers the revised “Programme”is put into effect from the date of its publication in the Government Gazette – i.e. the 26th of February 2019 – with the exception of certain clauses which the decision specifies that will be put into effect from the 15th of May 2019.”
The most important changes were
1. Research donation
Applicant must have donated at least €75, 000 to the Research and Innovation Foundation. This requirement is waived if applicant has invested in innovative/social enterprise or purchase of cypriot companies
Donation to Affordable Housing
applicant must have donated at least €75.000 to the Cyprus Land Development Corporation for the financing of housing schemes for affordable housing, but also for the materialization of other housing schemes/measures. This condition is not waived
It is important to note For both the above two options, any additional amount donated is used to supplement the total amount of the investment made on the basis of the criteria EUR 2 million investment in property, business, funds.
3. Schengen Visa
The applicant must hold a valid Schengen visa.
Third-Country nationals that do not require an entry visa for traveling in European Union member-states, as well as citizens of European Union Member States are excluded from this obligation
Applicants must compulsarily own permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least €500.000, + V.A.T
4. Due diligence
- Applicants must present Certificate of Clean Criminal Record from the country of origin and the country of residence
- Due Diligence Report issued through an internationally accepted database ensured through a subscription (e.g. Wolrd Check, LexisNexis Diligence, Regulatory DataCorp Inc. etc.). The report must be dated no later than thirty days from the date of its submission.
5. Bonds, bills and securities
Although government bonds or securities removed, the purchase of financial assets of Cypriot companies or organizations of at least €2,0 million, such as bonds, bills and securities, issued with the approval of the CySec.
Purchase by an AIF or RAIF of units of other AIFs or RAIFs is not considered eligible.
The Ministry has created a specific page dedicated for Cyprus investment program effective from 15 May. The website is available here
