Cyprus: Official Changes To The Citizenship For Investment Program

Effective 18 August 2020, the new rules of the Cyprus Investment Program are in force:

- Total contributions to charitable foundations increased to EUR 200,000 (previously EUR 150,000). The fund can be selected from one approved by the government (scientific research, renewable energy, infrastructure). At the same time, EUR 100,000 must be invested in the Cyprus Land Development Corporation, which finances affordable housing schemes for Cypriot citizens.

-Former politically exposed persons who have ceased to be such a year or more ago will be able to participate in the program if they can prove the source of the capital.

- The concept of "minor child" has been clarified: an unmarried child of spouses, partners who is under 18 years of age, adopted / adopted or illegitimate.

- Now the parents of the spouse of the main applicant can participate in the program as dependent applicants, provided that they purchase additional property of at least EUR 500,000 (+ VAT) in Cyprus. The property can be acquired collectively for several families.

- In addition to financial and other criteria, the main applicant has to present a certificate of no criminal record issued by the country of residence no more than six months before the application is filed (previously it was three months).

- The option of setting up a business in Cyprus: the number of Cypriot citizens that the investor must employ has increased from five to nine.