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Changes to citizenship for sale scheme

Earlier today the Council of Ministers announced changes to the criteria by which the citizenship for sale scheme is granted to investors following a statement on the subject issued by the Interior Minister last week.

Cyprus citizenship for saleTHE COUNCIL of Ministers today announced changes to the criteria by which Cypriot citizenship is granted to investors, according to a report in Gold News.

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

The ‘special cases’ concern:

  • 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.
  • 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 however will only apply until 1.6.2014.)

It is thought that the new criteria will be welcomed by investors from the Far East, concludes the report.

Readers' comments

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  • Gavin Jones says:

    Call me an old romantic if you like but I find the very idea of governments offering nationality for sale as abhorrent. It demeans who we are.

    What’s happened to a prospective citizen doing good works and being worthy of his adopted country FIRST over a number of years?

  • Steve says:

    It is interesting to compare the Cyprus Citizenship scheme with other countries’ schemes. Malta offers a full EU passport for £546,000, much cheaper than Cyprus, but Malta is smaller, maybe a bit claustrophobic for some. For £500,000, Spain offers a permanent residence visa leading to an application for (EU) citizenship after five years. The UK, USA, Portugal and others are offering similar schemes, most of them look less expensive than Cyprus, hence the government has had to cut the price, so that wealthy Chinese don’t fly past on their way to Spain and Portugal and take the property deals they are being offered by Cyprus developers.

  • JohnWilliams says:

    Interesting while the decrease in total amount will definitely increase applicants, but will there really net net increase in revenue for the state? Any bit helps right now after the disastrous last year.

    John.

  • Kassandra says:

    Really??? Is this news funny to everyone or just me? Last week they stated there will be no relaxed conditions for Cypriot passport investment, and today we have an “extremely relaxed” passport scheme! Wow! I wonder for which developer this was tailor-made, and especially the 2nd option, LOL they must believe we are all fools… anyhow is this official now? any official document or just a rumor again?

  • @RoVer – very perceptive – but I believe it may have something to do with a certain group of investors.

    See paragraph B4 on page 4 of the Preliminary Annual Results for Dolphin Capital Investors Limited.

  • RoVer says:

    It looks like this second kind of “special cases” of which the provision only applies until 01/06/2014 is being created for just one case of a guy who is half a million short but still wants a passport.

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