For the past few years, the Cyprus Investment Program has been deemed as a leading organization that constantly evolves. Their development includes implementing a much more rigorous due diligence, providing newly improved processing procedures and consistently creating ideas that further promote the organization’s goals.
Cyprus, one of the most prosperous nations of Europe, has made a reputation of integrity where people can benefit from their tailored program and services. Their program does not only boast of their investment option that provides multiple lifestyle and financial advantages but also for their fast citizenship procedure.
As the Cabinet wants to offer more excellent opportunities and advantages for their investors, these are the newly approved updates on their program:
Immediate Changes
• The applicant should have a Sworn Statement stating if they’ve applied for citizenship in another European member state.
• If the European member state will reject an applicant, he or she is not eligible to apply.
Effective Changes after May 15, 2019:
• The applicants should have a legal Schengen Visa when applying.
• A donation of €75,000 is given to low income housing.
• A donation of €75,000 is given to the R&D Foundation of the Government. However, if the applicant has already invested in the R&D in any of these economy sectors: Agriculture, Education, Health, Industrial, and Renewable Energy, then this requirement may be canceled.
• A minimum of €2.5M is required instead of the initial requirement of €2.0M from applicants who have investments in a residential property which has been purposely used for the program by a different applicant.
• It’s a requirement that the applicant’s investments should be held for at least 5 years. To make a profit, the applicants can opt to sell or re-invest within this timeframe as long as they’re approved by the Ministry of Finance.
• A Town Planning Permit is required for all properties involved related to the Program.
• The growing developments in the region provide investors with a variety of lifestyle options for those who are looking for a prosperous future for themselves and their families despite the Cabinet implying added investments in order to gain Cypriot citizenship.