On the 13th February 2019, the Council of Ministers proceeded with further changes to the Cyprus Economic Citizenship Program (CIP) in order to encourage investments in additional economic sectors and enhance due diligence procedures. The changes, most of them having effect as of the 15th May 2019, are:

- Two compulsory donations of:

• €75.000 to the Research Promotion Foundation. There are some exceptions on this point for investors who have already invested same amount in companies that have been certified as innovative or social, or €400.000 under investment criterion A3 in companies with activities in the economic sector, research and technology, education, health and renewable energy sources. 
• €75.000 to the Cyprus Land Development Corporation.
  Any amount donated in excess of the €75.000 will be deducted from the amount to be invested under the existing investment criteria A2-A5.

- Investments in the shipping industry and in Registered Alternative Investment Funds will be new available types of investment under the CIP.

- When a residential property is re-used as part of a new investment, the new investment must be one of €2,5m instead of €2m.

- The investment must be maintained for a period of 5 instead of 3 years, with the right to replace it upon approval from the Ministry of Finance.

- When the investment is being made in real estate the authorities must be provided with a planning permit, a completion certificate by the architect, a performance bank guarantee, and a waiver from the mortgagor (if applicable).

- The applicant must be a holder of a valid Schengen visa (not applicable for EU citizens and citizens of countries for which an entrance visa is not required).

- A person will not be able to apply if he has already applied for citizenship and was rejected in any other EU member state.

- An annual report issued by the authorities will illustrate the total number of citizenships given, the nationality of the applicants and the sectors to which the investments have been directed.

We, at Ierotheou, Kamperis & Co. LLC, are at your disposal to provide you with all necessary information regarding the Cyprus Investment Program and assist you through the whole process.