The Council of Ministers has approved a decision to amend the Scheme for Naturalisation of Investors in Cyprus by Exception was amended, pursuant to section 111A (2) of the Civil Registry Laws 2002-2015.  Investors can now apply for Cyprus Citizenship by making a stand-alone application (the previous ‘collective investments’ application has been abolished), upon making an investment under the new criteria which must be retained for a period of three years.   The main amendments are:

  • The investment amount has been reduced to €2 million plus €500.000 (excluding VAT) for residential property
  • The applicant has to obtain permanent residency in order to be approved for Cyprus Citizenship
  • The applicant’s parents are also entitled to apply for Cyprus citizenship by exception provided that they own a lifetime residence of at least €500.000 (excluding VAT)
  • Where the purchase price of the residential property exceeds the amount of €500.000 (excluding VAT), the excess amount can be calculated and included in the whole investment
  • A cap has been set on investment in Cyprus Government Bonds
  • The criterion of bank deposits has been abolished
  • A combination of all economic criteria is now possible
  • A broader range of investments is now possible, including land for development, AIF’s and financial assets (bonds and debentures) of Cyprus companies issued by the CySEC
CategoryLegal Updates