THE EU CITIZENSHIP (PASSPORT) PROGRAMME EXPLAINED
On the 13th of September 2016, the Cyprus Government announced an amended Regulation in relation to the Scheme for Naturalization (Citizenship) of Investors in Cyprus. The changes are now even more attractive to investors that wish to obtain an EU/Cyprus citizenship. The threshold of investment has been reduced to a total sum of €2 million (if the investor has invested in residential property and the value of at least one of them is at least €500.000. If the main investment is not in residential property then the investment is €2m plus a residential property of €500.000).
Another hugely positive amendment is that the parents of the main applicant are also eligible to apply and obtain the Cyprus/EU citizenship provided that they purchase a residential property of at least €500.000 (therefore they will not need to proceed with any main additional investment). The “collective” scheme has been abolished by the new Regulation.
The New Options Are As Follows :
- RESIDENTIAL REAL ESTATE INVESTMENT. This option requires a minimum total investment amount of 2 million Euros in residential real estate and must include a permanent personal residence valued at no less than 500,000 Euros. The remaining investment amount of 1.5 million Euros must be made in residential real estate, to be held for a minimum of 3 years.If the personal residence is valued at 2 million Euro or more then no further investment is required.
- OTHER INVESTMENTS. This option requires a minimum total investment of 2.5 million Euros, of which 500,000 euros must be for a permanent personal residence.The remaining investment amount of 2 million Euros can be made using a mix of the following, held for at least 3 years.
- Residential Real Estate (in addition to the personal residence),
- Commercial Real Estate,
- Undeveloped Land for which development plans have been prepared, or
- Government Securities (up to a maximum value of €500,000) registered and issued in the Republic of Cyprus.
- APPLICATION CAN BE SINGLE. There is now no requirement for collective group application.
- INVESTORS PARENTS. Investors parents are entitled to apply for Cyprus Citizenship by exception provided that they have purchased a permanent residence of at least 500,000 Euros plus VAT.
- The maximum investment in government bonds of the republic of Cyprus has been set at 500,000 Euros.
- The provision for fixed bank deposits for 3 years has been abolished.
- Investments in Cyprus must be for a minimum 3 years, and residence ownership must be indefinite.
Our in-house Lawyers are fully geared up and able to advise and guide you through the whole process quickly and efficiently.
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