Updates on the Cyprus Citizenship by Investment Scheme
As part of the overall effort to enhance the island’s attractiveness and competitiveness as an international business centre the Council of Ministers of Cyprus, on the 13th of September, approved a number of changes to the “Cyprus Citizenship by Investment Scheme”.
The updated criteria are now considered to be more favourable to the individuals/entrepreneurs who wish to obtain the Cyprus/EU passport, provided that the applicant individual/entrepreneur fulfils both the Economic Criteria (Part A) and the Terms and Conditions (Part B) of the Scheme.
Subject to specific qualifications, the applicant is now eligible to obtain a Cyprus citizenship by investing in Cyprus on the basis of a €2 million investment provided that the investor owns a residence of at least €500.000.
The new Scheme will apply exclusively from 1st of November 2016 while at the moment the Ministry of Interior announced that both the old and new Scheme will run simultaneously until the end of October 2016, giving the option of choosing, until then, the Scheme of the applicant’s choice.