15 September 2016
Revised Cyprus EU Citizenship Scheme Approved through Parliament
The Council of Ministers have just approved this week the revised scheme for granting Cyprus EU Citizenship to non-Cypriot investors and Entrepreneurs.
In a statement to the press Mr Harris the Minister of Finance said that the revision of the scheme aims to encourage " Real Investments" that will benefit the Cyprus Economy.
The Government also said that they want to attract new investors who will choose Cyprus as their base for residence and economic activities.
New Investors need to be kept in Cyprus for a minimum of 3 years and companies in which investments are made should employ at least 5 local Cypriot citizens , so aiding local jobs as well.
The most important changes are that this new updated scheme abolishes the provision for a collective investment of € 12 million and is reduced to € 2 million with the purchase of a private residence of at least € 500,000 , so this opens up Cyprus as a very attractive proposition to many more non-EU investors , primarily in China and Russia , but also now in Great Britain after the BREXIT vote.