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LS Legal News Bulletin

Changes to the Cyprus Citizenship-by-Investment Programme

Changes to the Cyprus Citizenship-by-Investment Programme

Monday 18th March 2019

The Cyprus Council of Ministers approved changes to the Cyprus Citizenship-by-Investment Programme (CIP) to increase the standards and credibility of the programme. While these changes are all positive news for the Cyprus CIP, they will increase the total cost to qualify for citizenship starting in May 2019.
Updates to the programme:
1. As of May 16, 2019, the new investment will start from €2.15 million unless the qualifying property purchase is a resale property in which case the minimum cost will be €2.65 million. The total new investment will start from €2.15 million unless the qualifying real estate purchase is a resale property in which case the minimum cost will be €2.65 million;
2. Starting May 16, 2019, a mandatory donation of €75,000 to the Foundation for Research and Innovation, as well as a mandatory donation of € 75,000 to the Cyprus Land Development Corporation, to assist with affordable housing projects;
3. The processing time remains the same 6-8 months;
4. The applicant must have a Schengen visa in order to apply;
5. The obligation to maintain the required investments for a period of at least five years from the date of naturalisation, instead of the previous 3-year period;
6. Government bonds will no longer qualify an applicant for citizenship.