New mandatory donations and other changes in the Cyprus CBI program
One of the most popular citizenship by investment programs, Cyprus CBI, has been revised and changes have been introduced. If you want more information on the program, please refer to our Cyprus CBI program page or contact our specialists.
Background
The main requirement for foreign investors who wish to obtain Cypriot citizenship is to have €2,000,000 available to them to invest in one of the options under the program. You can invest in real estate, infrastructure projects, business, financial assets or funds. The other requirement is to buy and own a home for life for €500,000, which can be included in the €2M amount or bought separately. The good thing is, it can be rented out.
Additional donations
From 15 May 2019, investors under the Cyprus CBI program will need to make two additional donations, on top of the required €2M. Both donations are mandatory and include:
- Donation to the Cyprus Research and Innovation Foundation – not less than €75,000, plus
- Donation to the Cyprus Land Development Corporation – €75,000 or more.
Investment options
Changes have been made within the required investment options, including the following:
✘ Government Bonds option is stopped.
✓ Shipping industry investment is added.
✓ Registered Alternative Investment Funds option is allowed. They can also invest not more than €200,000 in the Cyprus Stock Exchange secondary market.
Holding period
It used to be 3 years during which an investor was required to maintain their investment, either real estate or financial assets. However, it has been extended to 5 years now. And the clock starts ticking since the day you’ve become naturalised.
Other changes
It was approved by the Cypriot government that applicants whose applications have been rejected by any EU country will not be accepted to apply under the Cyprus citizenship program.
If you are investing in real estate under construction, you must provide a planning permit.
