Citizenship criteria reduced for foreign investors
The Cabinet has moved to amend five provisions for granting citizenship to foreign investors in light of a recent European Commission report.
This will encourage investment for the benefit of the Cyprus economy.
Some of the most important amendments are:
• Provisions for large joint investments of €12.5 million with a minimum of €2.5 million per investor have been scrapped. Passports will now not be issued to groups of investors but will rely on individual investors of €2 million and the purchase of a residence valued at least €500,000.
• The provision for bank deposits of €5 million has been scrapped while the purchase of government bonds has been added as a supplementary criterion. The aim of this particular amendment is to fuel the economy with circulating currency rather than state lending.
• In order to be issued a passport, investors must now be in possession of a residence permit, while a provision has been included whereby an investor’s parents can be eligible for citizenship with the purchase of an additional residence valued at €500,000.
• Investments in Cyprus must be for a minimum of three years, and real estate ownership must be indefinite.