By a decision approved by the Council of Ministers of Cyprus, on 13th September 2016, the following amendments on the previous investment scheme were introduced (Civil Registry Laws 2002-2015): Investors can apply for Cyprus Citizenship by an individual application and there is no need to be part of a collective group provided that one of the following investments is fulfilled within the period of three years prior to the date of the application submission.

Investment Schemes:

Scheme A.1 Investments in Real Estate, land development and infrastructure projects

This investment scheme implies the investment in the amount of at least €2 million for the purchase and/ or construction, and/or creation of developments such as commercial projects and/or developments in tourist sector and/or any other infrastructure projects. The business plan should be presented to the relevant Authorities for approval. The total investment should be minimum of €2 million if one residential property is of at least €500.000 (VAT not included) which must be kept permanently. If the applicant has invested in housing unit/ units within this scheme, the purchase of another permanent residence in Cyprus will not be required, if at least one of these housing units is worth €500.000 plus VAT, provides that the residence will be kept permanently.

Scheme A.2 Purchase or Incorporation of a Cyprus Company or participation in Cyprus Businesses or Cyprus Companies

The applicant can invest at least €2 million in order to purchase, incorporate or participate in companies, that have physical presence and activities in Cyprus and employ at least five Cypriot or EU citizens who have been legally residing in Cyprus for a continuous period of at least 5 years. The minimum number of employees increases where more than one applicant invests in the same investment.

Scheme A.3 Investment in alternative investment funds (AIFs), financial assets of Cypriot businesses or organizations

Applicant can purchase financial assets of at least €2 million from organizations of alternative investment funds (AIFs), which are registered and their activities are operated in Cyprus and they are licensed and supervised by the Cyprus Securities and Exchange Commission. Furthermore, any other investments which are approved by the Ministry of Finance may qualify for the present investment scheme. The administrator and the auditor of the Fund is obliged for the present investment scheme. The administrator and the author of the Fund is obliged to report to the Ministries on annual basis with reference to the investment amount.

Scheme A.4 Combination of the above

Applicants can have a combination of any of the above criteria amounting to at least €2 million. Within this, the applicant may also purchase Cyprus government bonds of the maximum amount of €500.000.

For more information and guidance please email Inter-M Properties – Real Estate Agents, or visit our website at Tel. +357 25 660092 – Fax +357 25 660097.