Newsflash for Cyprus Investors [SPONSORED]

Newsflash for Cyprus Investors [SPONSORED]

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  90day 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

 

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