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New Incentives For Cyprus Citizenship

The Ministry of Interior announced the new criteria for granting Cyprus citizenship with exceptional naturalization to foreign investors, as approved on 19.3.2014 by the Council of Ministers, in an effort to further promote foreign investment in Cyprus.

In this respect, the Council of Ministers has at its discretion the right to reduce certain criteria regarding investment in government bonds, financial assets in Cypriot enterprises or organizations, real estate, development and infrastructure projects and in relation to the purchase, establishment or participation in Cyprus companies and businesses.

Application of these changes to specific cases, will be as follows: The applicant will be required to invest a reduced amount of €2.5 million in any of the above investments, on the basis that they are a participant in a collective investment scheme worth at least €12.5 million; The applicant will be required to invest a reduced amount of €2.0 million in any of the above investments, on the basis that they are a participant in a collective investment scheme worth in excess of €12.5 million.

However, this provision will apply until 1.6.2014. The main objective of the Government is the revival of the real estate market as well as other sectors of the economy and consequently of the government revenues. Notwithstanding the above, if an investor wishes to file a separate application for acquisition of Cyprus citizenship, then the amount to be invested is €5 million plus €500,000 for the purchase of a property.

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