The Latest Changes to the Cyprus "Citizenship by Investment" Programme
The Cyprus Citizenship by Investment legislation has just been amended aiming to make the CIP even stronger and more trustworthy.
Despite the numerous discussions over the past few months, the only change that was eventually introduced, in relation to the economic criteria of the CIP, is that the total amount of donations is raised from €150k to €200k.
The most significant changes in the CIP legislation are listed below:
- The total amount of donations is raised from €150k to €200k. €100k should be paid to the Cyprus Land Development Corporation and the other €100k can be paid either to the Research and Innovation Foundation or to the Industry and Technology Service or to the National Solidarity Fund or to the Renewable Energy Sources and Energy Conservation Fund.
- Where the investment is made in a Cyprus company the number of employees required to be employed in this company is raised from 5 to 9 Cyprus or EU citizens.
- The requirement for the clean criminal record certificate to be not older than 3 months is now increased to not older than 6 months.
- The applicant and members of his family cannot be:
- politically exposed persons holding office or who held office during 12 months before making the application; or
- persons that have been convicted or are under criminal investigation; or
- persons who are connected or were connected in the past in any way with physical persons or legal entities on which restrictive measures and/or sanctions have been imposed by the EU or the United Nations; or
- persons wanted by Europol or Interpol.
- The parents of the spouse or cohabitee of the applicant are now included in the family members.
- The family members have now the option to apply together with the main applicant if they wish.
- The definition of financially dependent adult children has now been amended in order to restrict this category only to the unmarried children.
- The reasons for depriving the Cyprus citizenship have been set out. These include, inter alia, cases where the applicant:
- has been convicted in the Republic of Cyprus or any other country to imprisonment for a serious criminal offense; or
- is wanted by Europol or Interpol for a serious criminal offense; or
- has been imposed sanctions; or
- has his name included in a sanctions list within 10 years from his naturalization.
It should be noted that before the Council of Ministers makes a decision for depriving a citizenship it must notify the affected person, explaining the reasons of its intention as well as for the affected person’s right to express its position on the matter before the newly established, by the same legislation, Independent Committee of Examination of Deprivation of Citizenship. Elena Hajiroussou LLC