New requirements of the Cyprus Citizenship by Investment scheme
Published at: 17/08/2020 09:00 am
The Cypriot legislators changed and amended some requirements of the citizenship by investment scheme. They can faster revoke citizenships if needed, and some of the additional costs increased.
First of all, to fulfil the security and due diligence processes, the Cypriot government eased the process to revoke the citizenships and passports from those applicants, who are non-compliant with moral standards.
Reasons to revoke the Cypriot citizenships from investors, among others:
- previous prison sentence (5 years+)
- the citizen is on the Europol/Interpol most wanted list
- he or she is on the sanctions list
Moreover, the citizens can lose their citizenship for reasons of public interest (ethic nastiness/moral turpitude/opprobrious conduct). The Prosecutor General's Office announced that this term means fraud, theft, deception or crimes of a sexual nature.
However, those applicants for citizenship through investment who held office in other countries may apply after one year instead of the previous five years period. Summarising, the most important amendments serve to fulfil the more and more stricken European due diligence requirements.
Let's take a look at the list of the other most significant changes of Cyprus' citizenship by investment scheme!
- The required clean police certificate can be issued six months before the application (the previous term was three months)
- Cyprus can revoke citizenship within ten years from the successful naturalisation process.
- The amount of non-refundable donation increased to 200,000 EUR from 150,000 EUR.
- Through the business registration option, the investor must create at least nine jobs instead of the previous five jobs criteria.
- Not only the primary investor's parents, but the spouse's parents qualify as well if they buy a residential real estate in Cyprus for a minimum amount of half a million euros.
- The family members can now apply at the same time as the primary investor. (previously the family members had to wait until the main applicant obtained citizenship).