The parliament of Cyprus made amendments to an investment program
Some of innovations limit possibilities of investors. But there are also positive points.
On July 31, 2020 the parliament of Cyprus voted for amendments to the program of investment nationality as it reports the portal on the real estate. It is expected that the official document will be published in the next few days.
In spite of the fact that the entrance threshold according to the program remained the same – €2 million capital investments in economy plus real estate acquisition for the amount from €500,000 (or only investments to the real estate for the amount from €2 million) – the investor is not allowed to establish the developer company within the investment plan now and to purchase on it the real estate. All investments shall be made only on the individual.
Besides, the parliament voted for increase in the amount of compulsory contribution of two public foundations from €75,000 to €100,000 in everyone. Thus, the total obligatory irrevocable payment increased from €150,000 to €200,000.
What else changed:
Now together with the main applicant not only his parents, but also the spouse/spouse's parents can obtain investment citizenship in case on each of them the real estate object worth from €500,000 is purchased.
Funds for purchase of assets can be transferred not only from the personal foreign account now, but also from the account of the foreign company.
If earlier politically significant persons were forbidden to obtain investment citizenship of Cyprus within three years after stay in this status, then now this term is reduced to 12 months.
The certificate of non-conviction which is required among one of necessary documents from the investor works six months instead of three now.
The authorities have the right to withdraw nationality at the investor in case the violations provided by the current legislation are found.
All applications within the program of investment nationality submitted after December 31, 2019 will be considered within new rules.
If you wish to purchase the real estate in Cyprus, specialists of AWAY REALTY with pleasure will help you.
