On 13 September 2016 the Council of Ministers of the Republic of Cyprus approved the revised scheme for granting Cypriot citizenship by Investment. The new Scheme will come into force on the 1st of November 2016 with no impact will on all the pending applications filed prior to this date.
The most important change of the revised Scheme is the reduction of the Investment required to €2 million in total if the investor has invested in housing properties and the value of at least one of them is €500,000. If the main investment is not in immovable property then the investment in €2 million plus a residential unit of €500,000.
Another important change is that the parents of the applicant are also eligible to apply for obtaining the citizenship provided they purchase immovable property of at least €500,000.
The applicant will be eligible to acquire Cyprus / EU Citizenship by exception if Section A (any of the investment options) and Section B requirements (as set out below) are fulfilled:
Section A: €2,000,000 (Two million euros) investment option:
Investment in real estate: The applicant must make an investment of at least €2 million for the purchase or construction of building or for the construtction of other land development projects.
Participation in Cyprus companies: The applicant must be the shareholder or the ultimate beneficial owner of a company (or companies) based in Cyprus and the management of which must be situated in Cyprus. The company must employ at least 5 Cypriot or European citizens.
Investment in Alternative Investment Organisations or in assets of Cypriot Companies: The applicant must invest €2 millions in Alternative Investment Organisations licensed by CySec or in the assets of Cyprus companies.
Combination of the above (+Bonds): The applicant must invest in a combination of the above otpions and in addition, under the combination option, may invest in Government bonds for the amound up to €500,000.
Section B:€ 500,000 plus VAT (five hundred thousand euros + VAT) Residential property.