Cyprus will not grant citizenship in exchange for investment

Cyprus has cancelled the program of granting citizenship in exchange for investments, said on Tuesday, October 13, the official representative of the government of the country Kyriakos Kusios.

“At today’s extraordinary meeting of the Council of Ministers, the Ministers of Finance and Interior presented a proposal to cancel this investment program. The proposal was based on long-term shortcomings, as well as on the abuse of the provisions of the Cyprus Investment Program. The decision will enter into force on November 1, 2020,” said the representative.

Kusios added that after the investigation is completed, the commission will review the incentive policy for attracting foreign investment. He also noted that it is about the final abolition of foreign investment attraction.

On August 12 it was reported that Cyprus toughened the requirements for foreigners wishing to obtain citizenship of the republic in exchange for investments.

As noted, the minimum investment in the Cypriot economy will remain at the same level – € 2 million, but the mandatory additional contribution to one of the four approved by the government charitable foundations will be increased from € 150 thousand to € 200 thousand.