16 September 2016
On the 14th of September, the Cabinet approved new criteria for the naturalization by exception programme which grants fast track Cyprus citizenship to individuals investing in Cyprus.
The revised criteria, inter alia, now introduce a requirement for an individual investment of €2 million provided that the investor owns a residence of at least € 500.000 and abolish the collective investment of €12 million.
Investments made must conform to specific qualifications set by the new criteria and must be held for a period of at least 3 years, as previously.
Qualified investments include real estate investments, for which, under conditions, the purchase of a €500.000 residence may be waived. Other qualified investment includes shares in Cyprus companies which employ at least 5 Cypriot citizens and units or shares of alternative investment funds licensed and regulated by CySEC whose investment portfolio consist of qualified investments.
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