The details of the changes that will affect the program of obtaining "golden visas" in exchange for investments, which will come into force in the near future, have become known.
The applicant must additionally contribute another 150,000 euros, which will be sent to the Cyprus Land Development Organization and the Research and Innovation Fund. This is done so that some of the investments are directed directly to the development of the state, and not only generate income for developers. For example, part of these investments will go to finance projects for the construction of affordable residential real estate.
Investment preservation period and conditions
From the moment of obtaining citizenship, the investor must keep his investments for at least 5 years. It is allowed to "transfer" investments from one sector of the economy to another.
If the acquired real estate (one or several objects) has already been used to obtain citizenship, then the investor may not buy permanent housing if at least one of the residential real estate is worth more than 0.5 million euros or the total amount of funds invested is at least 2.5 million euros.
Changes to the list of economic areas, investments in which may be the basis for applying for citizenship
Government bonds are excluded from the list of grounds, and investments in shipping and in companies working with alternative investments are considered eligible.
Certificates, certificates, guarantees
The applicant must provide bank guarantees from the seller if the object to which the investment is directed is under construction; or a building permit and a certificate of completion with the signature of the architect, if the object is completed; and / or provide a certificate, if the object is pledged by the bank. Bank guarantees must be at least 5% of the value of the object. Instead, you can provide information about a special account where the corresponding amount is stored.
The need for a Schengen visa
Before obtaining citizenship, the applicant must have a residence permit for at least six months and have a Schengen visa. If there is no residence permit, then by submitting documents for naturalization, you can apply for permanent residence.
Accordingly, an applicant cannot apply for Cypriot citizenship in exchange for an investment if he has been denied citizenship by another EU country.
Scrutinizing investors and family members and ensuring transparency
Within two months for these purposes a special independent commission will be convened in Cyprus. The country's authorities will publish a report annually indicating naturalized citizens and areas of the economy that have received investments.
Ban on advertising
We are talking about a ban on providing information about the investment program in an aggressive manner in public places and on the Internet: with the symbols of the Republic of Cyprus, the European Union and images of the Cyprus passport.