Highlights of the latest changes to the Cyprus Investment Program

Highlights of the latest changes to the Cyprus Investment Program

The Cyprus Investment Programme (CIP) has been recently revised, following the meeting of the Council of Ministers on the 31st July 2020. The new revisions were published in the Cyprus Gazette on 18th August 2020 and includes the following:

1. Contributions to approved charitable organisations has increased by €50.000 to €200,000 (€100,000 for scientific research, renewable energy, and infrastructure) and €100,000 to the Cyprus Land Development Corporation for the development of affordable housing. It is important to emphasise that the contribution is payable after the approval of the Application for Naturalization by the Council of Ministers.

2. It is now possible for politically exposed persons (PEPs) who do not hold a state office or ceased to be active in this category (former PEPs) 12 months before date of submission of the application to apply under the Programme.

3. Τhe parents of the investor or the parents of the spouse can apply as dependents on the main applicant’s application simultaneously with the main applicant, provided that they own a permanent private residence worth at least €500,000 plus VAT.

4. Dependents (spouse and children above 18 years old) can now apply simultaneously with the Investor.

5. The validity of the police clearance certificate issued by the authorities of the applicant’s country of residence is now increased from 3 months to 6 months prior to the submission of the application.

6. The criterion of the establishment of a business in Cyprus has been also amended increasing the required number of European Citizens/residents employees from 5 to 9.