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The Council of Ministers of the Republic, by a decision taken on 13th September 2016, resolved the revision of the existing criteria and requirements for the naturalization of investors in Cyprus by exception, introducing very significant changes which add value to the attractiveness of the Scheme.
As stated in the announcement published by the Ministry of Interiors, the main purpose of the Government’s policy is, apparently, to encourage direct foreign investments in Cyprus and attract the settlement of HNW individuals and the establishment of their businesses in Cyprus.
Briefly, the Council of Ministers has significantly reduced the minimum capital that an investor should invest in Cyprus in order to obtain the citizenship, from €5million to €2million and has also abolished the collective investment scheme criterion, whereby an investor was able to participate in a collective investment with €2.5 minimum personal investment. Also, deposits in Cypriot banks will no longer be considered as acceptable investment for the purposes of the Scheme. Another innovation includes the eligibility of the Investor’s cohabitant and parents to apply for the citizenship.
The above are some of the most important changes introduced by the very recent Council of Minister’s decision. The entire content of the new Scheme is fully described in our Guide which may be accessed by following the below link/is attached hereto.