CYPRUS INVESTMENT PROGRAMME (CIP)
The Cyprus Government has issued an update on the Cyprus Investment Citizenship Programme as from 18th August 2020 as published in the Government Gazette on 17th August 2020.
For the convenience of our clients we present the revised conditions below that related specifically to real estate purchases and investments:
1. The one-time donation to the Cyprus Government is increased from €150,000 to €200,000
2. The amount of investment if it solely on real investment and will include your main residence remains at 2 million euros.
3. Financially dependent adult children 18 to 28 years old who are married can no longer qualify for Citizenship under their parents’ application.
4. Where’s previously under an investor’s application for citizenship, only his/her parents could apply for Citizenship, for an additional investment of €500,000 NOW the parents of the investor’s spouse can also apply again for an additional €500,000 investment.
5. Where’s previously: adult family members from 18 to 28 and the parents of the spouse could apply for citizenship under the investor’s application only after the investor had been granted citizenship NOW adult family members can apply for citizenship at the same time as the main investor.
6. It is no longer an option to use a Development Company to built and invest in your own building and development projects in order to obtain citizenship;
7. The funds relating to all real estate purchases and investments must be wired from an overseas bank account registered to the foreign investor or his/her company or companies and all payments for the investments must be transferred to Cypriot Banking institutions or Payment institutions that are licensed and supervised by the Central Bank of Cyprus and copies of the wire transfers must be attached to the investor’s application.
8. A police certificate of clean criminal record from the Country of applicants origin must be no older than 6 months.
9. Politically active persons should not have held public office for one year at the time of applying for citizenship.
10. Citizenship cannot be claimed by applicants convicted of a serious criminal offense punishable by imprisonment of five (5) years or more, or another offense of a similar severity. The implication is that, if convicted in another country, it is required that the specific crime also be considered a crime in the Republic of Cyprus, punishable by similar imprisonment;
11. Applicants who are under criminal investigation with a possible sentence of 5 years or more cannot apply for Cypriot citizenship either.
All other terms and benefits of the program remain unchanged.
* Please do not hesitate to contact us if you need further information.
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– Top Time Property Brokers Ltd is a registered Real Estate Broker Company Reg. No. HE 357088 & a registered Service Provider of the Cyprus Investment Program Licence No: CIP 546 –
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