The Government of Cyprus made certain amendments to the Cyprus Investment Program (CIP) in order to maintain its momentum and to safeguard its continuation.
The main revisions are the following:
1) High risk persons that are part of the below categories are not eligible to apply:
- persons whose assets are under a freezing order within the European Union (EU);
- persons that have been categorized as Politically Exposed Persons (PEPs) as defined by the Anti-Money Laundering Law 12 months prior to the application;
- persons who have been convicted or are subject to an investigation fora serious criminal offense which results in a prison sentence of five years;
- persons or related persons or related entities that are or have been subject toEU sanctions;
- persons or related persons or related entities who are or have been sanctioned by the EU or United Nations (UN) during the twelve months prior to the submission of the application;
- Personswho are wanted across Europe by EUROPOL or internationally by INTERPOL.
2) Parents of the main applicant’s spouse can now also apply as dependents provided that they purchase an additional real estate for a minimum of EUR 500,000 plus VAT in Cyprus.
3) The family members of the investor can now apply simultaneously with the main applicant. Thus, all family members are examined simultaneously.
4) The clean criminal record from the investor’s country of residence that is submitted with the application needs to be less than six months old. It used to be three months.
5) The total amount of donation increases by €50,000, from €150,000 to €200,000. The donation can be made to the following government approved funds:
- Research & Innovation Foundation
- Industry & Technology Service
- Renewable Energy Fund (RES) and Energy Saving
- Cyprus Land Development Corporation
- National Solidarity
It is important to note that the donation of €200,000 must be made in the period after the approval of the application and before the issue of the citizenship certificate.
6) The investment option of establishing or acquiring or participating in a business in Cyprus has also been modified to employ nine Cypriot or EU citizens instead of five.
We believe the changes are further shielding the CIP and should maintain its position as the most desirable Investment Program in EU and one of the top programs around the world.
21 August 2020: Minor but Important Changes that will Shield the Cyprus Investment Program
by: George Kallinicou