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Revised citizenship scheme approved

The Cyprus government has approved a revised citizenship-by-investment scheme designed to further encourage investments in the island’s economy by non-Cypriot businessmen and investors.

cyprus citizenship by investment THE COUNCIL of Ministers approved on Tuesday the revised scheme for granting Cypriot citizenship to non-Cypriot entrepreneurs/investors.

In statements to the press on Wednesday, Minister of Finance Harris noted that the revision of the scheme aims to encourage real investments that would benefit the economy.

The government, he said, wants to attract investors who will chose Cyprus as their basis of residence and economic activity.

Investments should be kept for three years and companies in which investments are made should employ at least five Cypriot citizens.

The most important change, Georgiades said, is that the revised scheme abolishes the provision for collective investment of €12 million which is being replaced by an individual investment of €2 million and the purchase of a residence worth at least €500,000.

The new scheme terminates the provisions for the granting of citizenship to those with bank deposits worth €5 million, to persons whose deposits have been impaired due to the measures implemented after the 15th March 2013 and those who purchased bonds worth €2.5 million.

Readers' comments

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  • Joannes says:

    Look the National Bank of Cyprus, they take one guy of the German Bank (Deutsche Bank) as top adviser in the board.
    If you look at the time from 2008 and further Josef Akkermann was the CO, and already at that time he lent by the biggest Bank of the US secretly 50 billion, nobody knows this fact.

    All the time later he plays the Big Guy, but during his period and after this German Juwel is during his time ruinated. His policy of derivaten in the US, makes now a punishment of 13 billion US$.

    Under his regime and the Deutsche Bank is bankrupt, but to big to fall.

    In the meantime Josef Akkermann was in the possibility to act the shares high sky and could so steal by upgrading the stock price .

    For further information look to Google and so on That will open your eyes that this guy will also ruinated Cyprus

    It’s a shame for Cyprus

  • Pete says:

    Does this only apply to new properties Nigel or will resale be included?

    If only new properties, surely this is a restricted practice?

    Ed: The earlier Scheme for Naturalization of Investors in Cyprus by exception (March 2014) doesn’t state whether the residence purchased by the investor is new or resale.

  • Red says:

    Sorry I mixed up citizenship with PR. Are any changes expected in PR. Only interested as to how it will affect property prices.

    Ed: Citizenship by investment enables passports to be granted to the applicant and family members.

  • Red says:

    Does this mean that all the 300k houses will be hiked up to 500k. To qualify, they used to be able to combine 2 properties to come to 300k. Reason I am asking is a property I liked was jacked up to 150k last year.

    Ed: I wouldn’t be surprised is asking prices were hiked – it’s happened before.

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.


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