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Cyprus

Revised scheme for granting citizenship approved by cabinet

Finance Minister Harris Georgiades said on Wednesday there had been no final decision on the matter and that it was just a scenario tabled for consultation.

The cabinet has approved a revised scheme for granting Cypriot citizenship to non–Cypriot entrepreneurs and investors.
In statements to the press on Wednesday, Finance Minister Harris Georgiades said the revision of the scheme aims to encourage real investments that would benefit the economy.

The government, he said, wants to attract investors who will chose Cyprus as their basis of residence and economic activity. “It is that kind of investors we want who will choose Cyprus as a residence but also for their economic activity,” Georgiades said. These companies should employ at least five Cypriot citizens and investments should be kept for a period of three years.

The most important change, Georgiades said, was that the revised scheme would abolish the provision for collective investment of €12 million which is being replaced by an individual investment of €2 million and the purchase of a residence worth at least €500.000.

The new scheme terminates the provisions for the granting of citizenship to those with bank deposits worth €5 million, to persons whose deposits were impaired due to the measures implemented after the  March 2013 haircut, and those who purchased bonds worth €2.5 million.

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