News

The Council of Ministers announced on 28 March 2014 certain changes to the criteria by which Cypriot citizenship is granted (by way of exception) to foreign investors.

The main amendments relate to the discretion of the Cabinet to lower certain criteria regarding investment in real estate, development and infrastructure projects and regarding the purchase, establishment or participation in Cypriot businesses and companies, government bonds and assets in Cypriot enterprises or organisations.

The ‘special cases’ concern:

1. The amount necessary for foreign investors to secure a Cypriot passport, which is reduced to €2.5 million for someone participating in a collective investment worth at least €12.5 million.
2. The amount necessary for foreign investors to secure a Cypriot passport, which is reduced to €2.0 million for someone participating in a collective investment worth more than €12.5 million. This provision will apply until 1.6.2014.

Note: Collective investment does not imply that one property/asset is acquired by all investors collectively (i.e. in practice, a number of different properties may be purchased by any of the investors and be registered in his/her own name).