The Cyprus Investment Program (CIP) has been recently revised in order to be further regulated as well as to contribute to the research and development and to provide for housing schemes.
The new criteria of the CIP have been approved by the Council of Ministers on the 13th of February 2019 and have been published in the Cyprus Gazette on the 26th of February 2019. The revised CIP is effective as of the date of the publication in the Government Gazette, however, some of the changes shall become effective on the 15th of May 2019.
It is important to note that as of the 26th of February 2019, citizens who have applied to obtain the citizenship of another EU member state and have been rejected, will not be eligible to apply for the CIP.
i. at least EUR 75.000 in a certified innovative enterprise (i.e. an enterprise that had acquired the relevant certificate by the Ministry of Finance) or in a certified social enterprise,or
ii. a total amount equal to the 20% of the overall required investment amount (i.e. EUR 400.000) in a Cyprus company whose operations fall within the primary sector of the economy, or the secondary sector of the economy (excluding constructions), or in the sectors of research and development, education, health and renewable energy sources.
Any donation exceeding this amount (EUR 75.000) shall be used for purposes of supplementing the total amount of the investment.
A.1. Donation to the Research and Innovation Foundation and the Cyprus Land Development Corporation (as above, as of the 15th of May 2019)
A.2. Investment in real estate, land development and infrastructure projects
A.3. Purchase or Establishment or Participation in Cypriot Companies or Businesses
A.4. Investment in Alternative Investment Funds or Registered Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organizations that are licensed by Cyprus Securities and Exchange Commission
A.5. Combination of the aforementioned investments
It is noted that investing in Government Bonds is no longer available.
For any further information please contact Eleni Drakou, Senior Associate and Director of Business Development of Michael Kyprianou and Co. LLC by email at firstname.lastname@example.org or by phone at +357 25 363685.