Real Estate Investor Magazine South Africa March/April 2019 | Page 55

CYPRUS
Newsflash for
Cyprus Investors
Cyprus Citizen Investors
programme increases its price
On Friday 15th Feb 2019 the Cypriot government
announced that the cabinet has approved changes
to the ‘Citizenship through Investment’ programme
effective 15th May 2019.
In addition to investing a minimum of €2Million in
residential real estate, applicants now need to:
• contribute €75,000 into a government fund
for research & development; and
• contribute €75,000 into a government fund
for affordable housing for Cypriots.
• This brings the total investment amount
to €2,150,000 (excluding VAT, government &
legal costs)
Other changes include a stricter vetting process for
applicants:
• applicants need to possess a 90-day Schengen
visa; and
• any applicant rejected for permanent residency
and/or citizenship in another EU countries
is excluded.
The property or property portfolio can be sold
three years after citizenship has been approved;
but a single property worth a minimum of
€500,000 must be retained.
For more information regarding these changes,
contact Jenny Ellinas, Founder & Managing
Director of Cypriot Realty.