The following changes in the criteria and terms of the Cyprus Investment Programme have been put into force from the 26/02/2019 and onwards:

  1. The investor may replace the investment during the 3 years period, during which he/she should retain the investment, provided that he/she has obtained beforehand an approval by the Ministry of Finance.
  2. An applicant and his family members whose applications for citizenship in any other member-state of the European Union had been rejected, are not eligible to apply for the acquisition of the Cypriot citizenship based on the Cyprus Investment Programme.
  3. Concerning criterion Α.2 (Purchase or Establishment or Participation in Cypriot Companies or Businesses) a new clause has been added, which provides that investments in the shipping sector are eligible on the basis of measurable criteria, which will be announced in due time. Moreover, the provision that the company’s or companies’ employees (Cypriot or European Union member-states citizens) needed to have resided in Cyprus during the five years preceding the application has been deleted.
  4. Concerning criterion Α.3 (Investment in Alternative Investment Funds or Registered Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organizations that are licensed by Cyprus Securities and Exchange Commission), as indicated by the title of the Criterion, investments in Registered Alternative Investment Funds (RAIF) are also permitted. Moreover, it has been added that  it is permitted for these AIFs or RAIFs to invest in secondary market stock-market values of the Cyprus Stock Exchange an amount that does not exceed the €200.000.
  5. Concerning criterion A.4 (Combination of criteria) it is noted that the option of investing in state bonds has been removed. In fact, investment in state bonds is no longer eligible for the purposes of applying for the Cyprus Citizenship under the Cyprus Investment Programme.
CategoryLegal Updates, News