The Cyprus Investment Programme is ranked among the top 10 programmes in the world for global citizenship. It was established to attract foreign direct investment and encourage high-net-worth individuals to settle and conduct business in Cyprus, thereby boosting the nation's economy.
One of the key features of this programme is its investment policy, whereby non-EU citizens (including Russian, Ukrainian, Arab and Chinese citizens) can obtain Cypriot citizenship by making specific investments. This is one of the simpler programmes for citizenship in Europe and is a speedy way to obtain Cypriot citizenship.
Following Council of Ministers' decisions on 13 February 2019 and 6 May 2019, various amendments have been made to the Cyprus Investment Programme. These amendments were made on the basis of Section 111A(2) of the Civil Registry Laws (2002 to 2019), with specific terms and conditions, incentives and controls being put in place to prevent abuse.
The changes have been implemented to create a business ecosystem that encourages innovation, while creating finances for affordable housing (through a mandatory contribution to the Cyprus Land Development Corporation). Below are some of the main changes to the programme:
Applicants must donate at least75,000 to the Research and Innovation Foundation to help create a business innovation ecosystem. If applicants wish to donate more, additional amounts can be used to supplement the total investment criteria under Sections A2 to A5. This mandatory donation can be waived if applicants have made an investment - through purchasing, establishing or participating in Cypriot companies or businesses - that amounts to at least 20% of the investment cost of the prerequisite amount (ie,400,000), to a company operating in the primary or secondary sector of the economy or in the field of research and technology, education, health or renewable energy. This has applied to all applications from 15 May 2019. Applicants must donate at least75,000 to the Cyprus Land Development Corporation, facilitating the financing of affordable housing schemes. If applicants donate more than the stipulated amount, the balance is adjusted to supplement the total investment criteria under Sections A2 to A5.(2) This has applied to all applications from 15 May 2019. Applicants must make an investment of at least2 million in real estate, land development and infrastructure projects. Where residential property is bought from an...