How the updated legislation of the Cyprus Investment Program affects investors
On the 18th August 2020, the official Gazette of the Republic of Cyprus published the new legislation on the Cyprus Investment Program (CIP), containing some highly anticipated amendments. If successful, the process allows the candidate to become a citizen of Cyprus, a European Union member state, and enjoy the countless benefits of Cypriot citizenship. Whilst many regulations and criteria have remained the same, the few that have been amended allow for a smoother, streamlined, and more efficient process for the prospective citizen, and simultaneously improve the CIP, transforming it into an even more secure and appealing process.
A Highly Anticipated Addition
An amendment that is of particular interest to many candidates is the inclusion of a new regulation that allows additional members of the applicant’s family, such as the parents of their spouse, to simultaneously apply for Cypriot citizenship concurrently with the initial applicant. They may do so should they meet all required criteria and possess a permanent residence in Cyprus acquired at a minimum of €500,000 plus VAT. Such a development is extremely beneficial not only for any potential candidates, many of whom have long enquired about such a possibility, but for the CIP itself, as applications are expected to be processed at a much faster rate. Of course, should they so desire, the aforementioned family members may also apply independently of the initial applicant at a later date when most convenient.
Additionally, the definition of a financially dependent adult child has been further clarified as being in reference to an unmarried, financially dependent adult who has not yet turned 29, is the child of either the applicant or their spouse, and is receiving higher education as a full-time undergraduate or postgraduate student.
Apart from the addition of the aforementioned policy, the vast majority of other regulations have remained mostly intact, with only a few minor adjustments.
The House of Representatives has confirmed that Politically Exposed Persons (PEPs) who have held a seat of government in their country of origin are still eligible to apply for the Investment Program, on the condition that they no longer hold such a position at the time of their application or for the 12 months preceding the submission of their application.
As previously required, a Clean Criminal Record (CCR) is still a necessary criterium, however, in stark contrast to before the amendments, no CCR is required from the applicant’s country of origin, but merely from their country of permanent residence, and should date back to 6 months before the candidate’s application for Cypriot citizenship.
Monetary Donations and Investing in Cypriot Businesses
An additional modification to the CIP is a slight increase in the monetary donations to the Cyprus Organisation for Land Development and to one of four government-controlled funds:
a) The Institution of Research and Innovation Fund
b) Industry and Technology Services Fund
c) The Renewable Energy Sources and Energy Conservation Fund
d) National Solidarity Fund
by €25,000 each. As a result, a donation of €200,000 is now required as opposed to the previous sum of €150,000, to be paid after the candidate’s application is successfully approved but prior to the issuing of the naturalization certificates. These donations will be utilised on research aimed at creating and promoting economic growth on the island and contributing to and improving the daily lives of Cypriot citizens.
Finally, should the applicant wish to invest in a Cypriot business in order to qualify for the CIP, their selected firm must employ a minimum of 9 Cypriot or EU citizens, a slight increase from the previous number of 5.
Investing at Citrine Estates
The new amendments have fine-tuned the Cyprus Investment Program from an already incredible opportunity into an unmissable one, further contributing to the program’s credibility, efficiency, and stability.
So why not take advantage of the plethora of improvements and make an investment at Citrine Estates? Not only would you enjoy the acquisition of Cypriot citizenship and the numerous benefits attached to it, but you would do so in one of the most prestigious, pristine, and peaceful areas in Cyprus. It would be wise to make the most of such an extraordinary opportunity and invest in a serene property located a mere few minutes away from one of the world’s safest and most promising global cities.
Citrine Estates is waiting for you.
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