Cyprus-Amendment to the fast track economic citizenship program

The Council of Ministers on 19.03.2014 has amended the Cyprus "economic citizenship" programme, which grants accelerated citizenship to applicants, as follows:

A.1 Investment in government bonds :

The applicant has invested at least €5 million in bonds of the Republic of Cyprus

or
 
A.2 Investment in financial assets of Cyprus businesses or Cyprus organizations:

The applicant has invested at least €5 million in financial assets of Cyprus businesses or Cyprus organizations ( eg bonds / securities / bonds issued and registered in the Republic ).

Provided that such financial assets have been purchased either at issuance, and subsequently by the market.

or
 
A.3 Investing in real estate development and infrastructure projects :

The applicant has to make an investment of at least € 5 million for the purchase or construction of buildings or create other developments ( residential or commercial development, the tourism sector or other infrastructure ).

or

A.4 Purchase or establishment or participation in Cypriot businesses and companies :

The applicant has to purchase, establishor participate in companies based and operating in the Republic of at least €5 million. Such firms or companies need to prove a physical presence in Cyprus and employ at least five ( 5) citizens of the Republic.

Provided that this criterion include the mandatory conversion of deposits into shares.
 
or

A.5 Deposits in Cypriot banks:

The applicant must have personal deposits in Cypriot banks or deposits of his private companies or trusts ( in which he is a final beneficiary) in the Republic of at least €5 million which will be pledged at least for a three year period. .

or

A.6 Combination of the above criteria A.1 ( Investing in government bonds ) , A.2 ( Investment in financial assets or businesses of Cypriot organizations) , A.3 ( Investing in real estate development and infrastructure ) , A.4 (Purchase or provide or participate in Cypriot companies and corporations) and A.5 ( Deposits in local banks ) :

The applicant must have a combination of the above of at least €5 million.

or

A.7 Persons whose deposits in Cyprus Popular Bank Public Company Ltd have been impaired due to measures implemented after March 15, 2013 :

The applicant was the holder of deposits in Laiki Bank at 15 March 2013 and incurred losses of €3 million or more as a result of the measures imposed on the the banks during March 2013.
 

or

A.8 Major Collective Investments

The Council of Ministers has the right inspecial cases , to reduce the above criteria ( A.1 ( Investing in government bonds ) , A.2 ( Investment in financial assets or businesses Cypriot organizations) , A.3 ( Investing in Real Estate Development and infrastructure ) and A.4 ( Buy or recommendation of or participation in Cypriot companies and corporations ) as follows:

I. To €2,5 million for investors who demonstrably participate in collective investment project in which the investment is at least €12,5 million

II. To €2 million for investors who demonstrably participate in collective investment project, in which the investment is in excess of € 12.5 million (it is understood that this provision ( II ) will be valid until 06/01/2014).

Apart from satisfying the criteria set out above, the applicant must have a clean criminal record and be the owner of a permanent residence in Cyprus with a value of €500,000 or more excluding VAT.