Cyprus Citizen Investors Programme Increases it’s 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.