Cyprus changes its citizenship by investment program

On February 13^th, 2019 the Cabinet of Ministers of Cyprus has made a number of changes to the citizenship by investment program (Cyprus Investment program). The approved edits were officially published on the website of the Ministry of Internal Affairs. On May 15^th, 2019 they will enter into force.

The document includes the following changes:

1.The term of necessary ownership of real estate was changed to 5 years (previously the term of ownership was 3 years). It will be possible to sell the property only in 5 years without further loss of citizenship.

2.The possibility of investing in Cyprus government bonds has been canceled.

3.The cost of real estate for the acquisition of citizenship was increased to 2.5 million EUR.

4.There was a non-refundable contribution of 150,000 euros, from which 75 000 EUR is used to Finance programs for the construction of affordable housing (land development Organization), and 75 000 EUR - to the Fund for research and innovation.

5.Moreover, if the applicant for his application for citizenship in any other member state of the European Union has previously been refused, he is no longer able to participate in the Cyprus citizenship program.

On materials of the following website: http://www.moi.gov.cy/moi/moi.nsf/All/7402287258D069A7C22583B2002E381F