Cyprus announces important changes to citizenship by investment program

The Cypriot Investment Scheme, one of the most efficient Citizenship programs, offering the quickest route to EU citizenship in just 180 days, is under scrutiny again.  
 
This week, in an effort to further regulate the Cyprus Investment Program (CIP) and to secure its continuity, the Cypriot government has taken another huge step to limit the program, even after imposing the 700 applicant limit this year. To tighten the grip on the citizenship scheme, on the 13th of February officials approved a series of new changes, which are due to come into force in several months. There’s no better time to secure EU Citizenship than right now!

7 key changes announced:

1. Applicants will have to be in possession of a Schengen visa.
2.  Applicants who were rejected by another EU country will be excluded from the CIP.
3.  The investment period will be 5 years, instead of 3 years. The investor will be able to change his investment, provided that consent is granted.
4.  Shipping will be included in the investment sectors, while investing in government bonds will no longer be available.
5.  A planning permit shall be mandatory for properties under construction.
6.  An €150,000 donation will be required: €75,000 for research and development & €75,000 to the land development organisation.
7.  Due diligence and background checks shall be carried out by a specialised foreign firm on each applicant.

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