The New Changes to the Cyprus Investment Programme (CIP)

Key changes include the following:

• Increase in the donations to organizations specified by law by 50,000 euros (total of 200,000 euros)
• Clarification to the definition of “politically exposed persons” or “PEP” (former “politically exposed persons” or “PEPs” who ceased to hold a public office more than 12 months before the date of application are now able to participate in the program if they prove the source of the capital.
• Clarification of the definition of “minor child”: the legitimate unmarried child of the spouses, cohabitants or one of them, who under 18 years of age, and includes a stepchild, a child recognized out of wedlock and a legally adopted child.
• Clarification of the definition of “financially dependent adult child”: unmarried legitimate child of spouses or one of them, which is between the age of 18 to 28, who is still studying in a higher educational institution for obtaining a diploma or undergraduate degree or postgraduate degree and which includes a stepchild, out of wedlock recognised child and legally adopted child.
• Changes in requirements for the property acquired for dependent applicants: parents of the main applicant and his / her spouse / partner can now participate in the program, provided that they acquire additional real estate worth 500,000 euros (+ VAT) in Cyprus. The property can be acquired jointly between the applicant and its parents provided that the house worth at least € 1 million plus VAT.
• Certificates of a clean criminal record issued by the country of residence of the applicant which are issued up to six months before the application are now accepted (previously no older than 3 months)
• Definition of the minimum number of Cypriot or EU citizens required to be employed by a Cypriot company or enterprise that can become an object of purchase or investment to participate in the investment program (it is 9 now, previously 5).

We remind you that the process of obtaining citizenship of the Republic of Cyprus through an investment program lasts at least 6 months.