On February 13, the Government of the Republic of Cyprusapproved a number of changes in the Cyprus Investment Program:
1) A mandatory contribution of 75,000 euros to the Researchand Innovation Fund to help create an entrepreneurial innovation ecosystem.
2) A mandatory contribution of 75 thousand euros to theCyprus Land Development Organization to contribute to the comprehensive housingpolicy of the state, especially for the implementation of affordable housingprojects and other measures in this area.
3) The applicant is obligated to maintain his investment inCyprus for at least 5 years from the date of citizenship (previously theminimum period was 3 years).
4) In case the acquired residential property was previouslyused by another investor to obtain citizenship, the required amount ofinvestments increases from 2 million euros to 2.5 million euros.
5) The applicant is obligated to have a valid Schengen visa.
6) If an investor has previously applied for citizenship inanother EU member state and it was rejected, he will not be allowed to applyfor citizenship of Cyprus.
7) Complete abolition of investments in government bonds asan acceptable investment under the program.
8) Investments in the shipping industry of Cyprus will beconsidered as an acceptable criterion for the Cyprus Investment Program.
Please note that these changes will take effect from May 15,2019. All applications submitted before this date will be considered on thesame terms.
We will be happy to provide more detailed information!