Among the changes are new rules for participation for family members of investors, an increase in the amount of non-refundable contributions and a number of other changes.

On August 18, 2020, the Cyprus government website published amendments to the citizenship by investment program.

According to the changes made:

1. Mandatory contributions to the country’s charitable foundations have increased: if before they totaled € 150,000, now they are € 200,000, while participants in the investment program can choose from four government-approved funds related to research, renewable energy, infrastructure and affordable housing.

2. Politically exposed persons (PEP – politically exposed person), who ceased to be a year or more ago, will be able to take part in the Cyprus investment program if they prove the source of the capital.

PEPs include heads of state, heads of government, ministers and their deputies or aides; members of parliament or similar legislatures; members of the governing bodies of political parties; members of the supreme, constitutional courts and other judicial bodies whose decisions are not subject to further appeal; ambassadors, chargé d’affaires and senior military officers; members of the administrative, managerial or supervisory bodies of state enterprises; mayors of cities.

3. The new rules clarified the concept of “minor child”: it is an unmarried child of spouses, partners who is under 18 years of age, adopted / adopted or illegitimate.

4. Now the parents of the spouse of the main applicant can participate in the program as dependent applicants, provided that they purchase additional property in Cyprus with a value of at least € 500,000.

5. Real estate can be acquired collectively for several families – for example, one house worth at least € 1 million at once both for the parents of the main applicant and for the parents of his spouse.

6. In terms of financial and other criteria for verification: now it is necessary for the main applicant to have a certificate of no criminal record issued by the country of residence at least six months before the submission of documents. Previously, this period was three months.

7. Regarding the establishment of a business in Cyprus: the number of Cypriot citizens that the investor must employ has changed. Now it is nine people instead of the previous five.

Information provided by our partner Almansa & Asociados, Attorneys

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