Cyprus Citizen Investors programme increases its price
On Friday 15th Feb 2019 the Cypriot government announced that the cabinet has approved changes to the ‘Citizenship through Investment’ programme effective 15th May 2019.
In addition to investing a minimum of €2Million in residential real estate, applicants now need to:
- contribute €75,000 into a government fund for research & development; and
- contribute €75,000 into a government fund for affordable housing for Cypriots.
This brings the total investment amount to €2,150,000 (excluding VAT, government & legal costs)
Other changes include a stricter vetting process for applicants:
- applicants need to possess a 90–day Schengen visa; and
- any applicant rejected for permanent residency and/or citizenship in another EU countries is excluded.
The property or property portfolio can be sold three years after citizenship has been approved; but a single property worth a minimum of €500,000 must be retained.
For more information regarding these changes, contact Jenny Ellinas, Founder & Managing Director of Cypriot Realty.