Cyprus ammends EU citizenship through property investment to make it more investment-oriented
- Sep 17, 2016
- 1 min read
The new EU citizenship through investment scheme changes the requirement for a total collective investment of 12 million euros with a new provision for an individual investment of just 2 million euros and the purchase of a Cyprus Property worth at least 500,000 euros.
It also abolishes a provision for the granting of Cyprus citizenship to those with a bank deposit of 5 million euros and to depositors who had their deposits impaired in the 2013 recapitalization of the banks by bail-in.
The 2,000,000 euro investment may be in the form of buying Cyprus real estate, land development for building homes or commercial property, tourism and other infrastructure projects. In this case, the investor will not be required to purchase residence housing.
The Cyprus citizenship scheme was started after Cyprus was forced into applying for a bailout in March 2013, in a bid to attract badly needed liquidity and help the highly depressed real estate industry. For this reason, it was originally oriented towards attracting bank deposits, buying of government stock or buying Cyprus Properties.
The new scheme also grants Cyprus citizenship to those buying assets such as bonds which have been licensed by the Cyprus Security and Exchange Commission worth 2 million euros.
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