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Revised Cyprus EU citizenship scheme approved by parliament

Revised Cyprus EU citizenship scheme approved by parliament

The Council of Ministers has just approved this week the revised scheme for granting Cyprus EU Citizenship to non-Cypriot investors and Entrepreneurs. In a statement to the press, Mr Harris the Minister of Finance said that the revision of the scheme aims to encourage "Real Investments" that will benefit the Cyprus Economy.
The Government also said that they want to attract new investors who will choose Cyprus as their base for residence and economic activities. New Investors need to be kept in Cyprus for a minimum of 3 years and companies in which investments are made should employ at least 5 local Cypriot citizens, so aiding local jobs as well.
The most important changes are that this new updated scheme abolishes the provision for a collective investment of € 12 million and is reduced to € 2 million with the purchase of a private residence of at least € 500,000, so this opens up Cyprus as a very attractive proposition to many more non-EU investors, primarily in China and Russia, but also now in Great Britain after the BREXIT vote.
The new scheme cancels the provisions for the granting of EU Citizenship to those with bank deposits of € 5 million or more, whose deposits have been impaired due to the measures that were implemented during March 2013 and also those who purchased Government bonds worth € 2.5 million or more.

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