Proposal for granting the passport of the Republic of Cyprus for investments of €2.300.000

On 19th of March 2014, it was submitted to the Council of Ministers a proposal for improving the naturalization criteria of investors. Specifically, the passport of the Republic of Cyprus was granted to non-Cypriot citizens only if they invested €5.000.000 plus €500.000 for the purchase of residence. The proposal of 19th of March provides a reduction of these amounts to €2.000.000 for investments plus €300.000 for the purchase of residence.

Another criterion for the acquisition of the passport of the Republic of Cyprus is that the applicant who invests €2.000.000 should also find and propose another 4 prospective investors who will invest the same amount of money in order to acquit the Cypriot nationality.

As a result, for every €10.000.000 plus purchase of residences, 5 passports of the Republic of Cyprus will be granted. This process will be conducted by land developers, auditors, lawyers and other professionals of the field, who will submit the applications of the investors jointly. However, if an investor submits his/her application alone, without proposing another 4 prospective investors, then the amounts remain as they were in the past, which means investments of €5.000.000 plus €500.000 for the purchase of residence.

Areti Charidemou & Associates LLC Law Firm