New criteria for the Cyprus Investment Programme have been approved by the Cabinet of Ministers and will be effective as of 15th May, 2019. By the Finance Minister, the Programme will become “more targeted and trustworthy”. The changes to the CIP are the following:
- The investment required is raising from €2 million to €2.5 million, including the purchase of a property for permanent residency, if any of housing units have already being used for the purpose of acquiring the Cypriot citizenship via the Programme;
- A mandatory donation of €75,000 to the Research and Innovation Foundation;
- A mandatory €75,000 contribution to the Cyprus Land Development Corporation to be used for affordable housing;
- The applicant must have a Cyprus residence permit for at least six months before being naturalised as a Cypriot citizen;
- The applicant has to maintain the investments for a period of at least 5 (five) years from the date of naturalization, instead of 3 (three) years;
- In cases where the investment relates to the purchase of real estate or property as well as in the case of a permanent home-owner, a planning permission, a completion certificate and a bank waiver will be required;
- The exclusion of applicants who have been rejected by other EU Member States with similar programs;
- The obligation for investors to obtain a Schengen visa.
