The Cypriot government is planning major changes to its Cypriot citizenship scheme, which opens up opportunities for foreign investors to apply for citizenship in Cyprus. Final decisions are expected during the upcoming weeks by the Cabinet; an approval of the House of Representatives is not required.
The major suggested changes are the following:
- The investor will be required to prove a given period of stay in Cyprus prior to obtaining a passport.
- The processing or examination period will be extended. Currently, the examination of the citizenship application and the issue of passports are usually completed within 2 to 4 months; however, the new directive will refer to a period of 6 to 8 months. This change is based on European Union directives
- The option for collective investments in Cyprus, which enabled 5 jointly applying investors each investing 2.5m Euros will be waived. Instead, the investment threshold of 5m Euros will be decreased to 2.5m Euros.
Furthermore, the government will introduce a transitional period of 3 to 6 months, starting with the date of issue of the Cabinet’s decision.
The information above is not of official character. We will keep our clients updated on any further progress in this regard.