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New Residence/Passport rules 2019

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New rules are introduced for the granting of a Cyprus passport to new applicants as of 2019......

Proposed additional rules as of 2019

Cyprus CBI will be more stringent with applicants refused by Schengen and member states will be refused.

The holding period for investment has been increased to 5 years from 3 years

ONESERVEPSEN

New provision is also made for mandatory donation of 75,000 euro to the Research & Innovation Foundation and an additional 75000 euros to the Cyprus Land Development Agency increasing the extra total donations to 150,000 euros. The 75,000 euros donation to the Research & Innovation Foundation is lifted if the applicant invests the money in a Certified Innovative or Social Business.

Important note: This article has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice from a qualified accountant.