Cyprus Makes Changes To The Golden Passport Program

The Cypriot authorities have decided to amend the Citizenship by Investment Program.

There have been changes to the option of contributions to the fund. It will now be necessary to invest 200,000 euros (instead of 150,000 euros). An investor will have the opportunity to choose in which direction to invest: in science and technology, healthcare and renewable energy, infrastructure projects, or affordable housing.

Politically Exposed Persons (PEPs) who have ceased to be such for more than a year can apply for a passport upon presentation of documents proving the purity of their sources of income.

Parents of the spouse of the main applicant will be able to obtain Cypriot citizenship as dependent family members of the applicant if they acquire additional real estate on the island worth at least 500 000 euros (plus VAT). The property can be bought collectively - for example, one house for at least 1 million euros for both the parents of the main applicant and the parents of his spouse.

The applicant will need to provide a police clearance certificate issued by the country of residence at least six months before applying for a Cypriot passport (previously, it was three months).

The number of citizens who should be employed by the "new Cypriot" will increase from five to nine people.

The concept of "minor child" has been clarified. This is an unmarried child (adopted or illegitimate) of spouses (partners) who is under 18 years of age.

Source: evropakipr

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