Revised Scheme for Citizenship to Non-Cypriot Investors Will Benefit the Economy

The Council of Ministers approved on September 13 the revised scheme for granting Cypriot citizenship to non–Cypriot entrepreneurs/ investors.

In statements to the press on September 14, Minister of Finance Harris Georgiades noted that the revision of the scheme aims to encourage real investments that would benefit the economy, Cyprus News Agency reports.

The government, he said, wants to attract investors who will choose Cyprus as their basis of residence and economic activity.

The most important change, Georgiades said, is that the revised scheme abolishes the provision for collective investment of €12 million which is being replaced by an individual investment of €2 million and the purchase of a residence worth at least €500,000.

The new scheme terminates the provisions for the granting of citizenship to those with bank deposits worth €5 million, to persons whose deposits have been impaired due to the measures implemented after the 15th March 2013 and those who purchased bonds worth €2,5 million.