The Government of Cyprus has reduced the minimum amount of investment in real estate to obtain the citizenship of the country from 2.5 million to 2 million euros. New rules for obtaining Cypriot citizenship through investment will come into force November 1, 2016.
In addition, it canceled a collective scheme is canceled, that is, now every investor investing in property in Cyprus, and submits an application for a passport alone. In this case the investor parents can get a passport of the country with the purchase of property worth 500 thousand. Euro.
Under the new rules, the maximum amount of investment in government bonds is 500 thousand. Euros, and 1.5 million more have to invest in real estate. investment scheme through bank deposits canceled.
At the time of the application for a Cypriot passport investor receives a residence permit category F (permanent residence permit). During October 2016 there are both old and new conditions for the immigration program, from 1 November 2016 - only new ones.
No changes are the following conditions for obtaining citizenship program of Cyprus through investment:
- Application pendency period - three months; - Citizenship is granted spouse or the spouse of the investor and all financially dependent children under the age of 28 years and is automatically transferred to representatives of all subsequent generations of the family of the investor; - Cyprus recognizes dual citizenship; - Investors need to remain the owner of the real estate (or property and bonds) for a minimum of three years from the date of acquisition of citizenship, after which he can sell them. At the same time he is obliged to keep the property in the property in Cyprus worth 500 thousand. Euro.
Citizenship of Cyprus is popular among investors from around the world, since a passport of this country allows you to travel the EU without visas.