New Criteria and Procedure
On the 13/9/2016, the Council of Ministers announced the implementation of an updated procedure and a series of financial criteria for investors wishing to obtain the Cyprus Citizenship. The new criteria are even more favourable than before with the minimum necessary amount of investment having been reduced from €2.500.000 to €2.000.000.
Under the new procedure, the investors are given several options as to how they can invest in the Republic of Cyprus, providing greater flexibility.
Even though the new criteria have immediate effect, already submitted applications will be based on the provisions as were applicable at the time of submission. However, investors who already submitted their applications have the possibility of withdrawing and applying anew based on the new criteria as of 13/9/2016.
Potential applicants will have a choice as to which of the two schemes they would like to apply for under until the 31/10/2016. From the 1/11/2016, only the new criteria will be applicable for the Cyprus Citizenship by investment scheme.