Cyprus to Scrap Citizenship Application Cap

The Cyprus Citizenship by Investment programme is limited to approve just 700 applications per year, but this cap could soon be scrapped. The Cypriot Government have drafted new regulations which they are set to discuss in coming weeks. Although the full details of the draft have not been disclosed, several Cypriot press publications have reported that the current application cap is going to be removed in order to accelerate overall processing and bring forward applications which had previously been pushed back to 2021.

By removing the current application limit and bringing forward next year’s applications, the Cypriot Government are likely to generate substantial funds from the additional application approvals. This revenue will no doubt come in useful during the current global COVID-19 and economic crisis.

Cyprus offers the quickest direct citizenship by investment programme in Europe. An investment of €2.0 million in real estate is required, plus a donation of €75,000 to the Governments Research and Development fund and €75,000 to the Land Development Organisation. Applications are usually processed within six months of investment. On approval, applicants will receive a Cypriot passport and full citizenship status, granting them the freedom to work, travel, study and live anywhere within the EU. The investment can be reduced down after five years to just €500,000.

To learn more about the programme and how you could benefit, please get in touch with our consultants.