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.

Note: The content of this article is relevant at the time of its first publication. It is intended to provide general information on the topic and does not constitute legal advice. We recommend seeking professional advice regarding your specific matter before taking action based on the information presented. For more information or consultation, please contact our tax experts by email at contact@mainpartnertrust.com