The Cypriot government have announced changes to the real estate investment programme leading to citizenship.
The minimum required investment amount for the right to obtain citizenship has been reduced to €2 million provided the whole investment is made solely in residential property. The parents of the investor are now also eligible to obtain citizenship provided they purchase their own residency property for a minimum €500,000.
Children up to 28 years old are eligible to obtain citizenship provided they are financially dependent on the investor and are studying.
Every applicant (including the investor and dependents), prior to his naturalization in Cyprus will have to be in possession of a Cyprus Permanent Residency (PR) Permit. Those applicants who don’t already have a permit can apply simultaneously with the submission of the citizenship application. For the purposes of applying for PR solely in the context of a citizenship application the applicant will only be required to meet the provisions of the citizenship scheme. This provision has been included for the purposes of assisting the citizens of countries in which dual citizenship is prohibited.
The provision that the investment can be disposed of 3 years after the citizenship is granted, remains the same in the new scheme. The investor will still be required to be in possession of real estate of minimum value €500,000- and if the application was made with parents, then they also will need their own residence of minimum value of €500,000 in order to retain citizenship.