Insider Economy Citizenship applications on the rise

Citizenship applications on the rise

Daily newspapers in recent days are flooded with announcements concerning people applying for the EU island’s citizenship provided through the Cyprus Investment Programme.

Private sector offices providing such services under licence by the Ministry of Finance confirm that applications have risen in the first months of 2019. They attribute this to the fact that criteria for acquiring a citizenship will become stricter as a result of changes due to come into effect on May 15.

As Phileleftheros has already announced, public tenders will open soon for a specialised foreign firm to carry out due diligence and background checks for each and every application.

One of the main changes is the fact that the investment will need to be maintained for five years following the date of naturalization, instead of three years.

And during this five-year period, the investor will be entitled to change his/her investment into other forms of permitted investments, provided he/she obtains consent from the Ministry of Finance, prior to making any changes.

In addition, a donation of €75,000 for research and development shall be mandatory. Also mandatory will be a donation of €75,000 to the island’s Land Development Organisation to fund affordable housing schemes.

However, the most important new criterion appears to be the fact that applicants will now need to be in possession of a Schengen visa when submitting an application.

And applicants who were rejected by any other EU country for citizenship, will not be allowed to seek Cypriot citizenship under the programme.

Excluded are third-country nationals for whom a visa is not required at EU member states.

Another important change is the provision that if the investment is in real estate, a planning permit must be in place in order for such investment to qualify.

In addition, shipping will be included in the investment sectors, while investing in government bonds shall no longer be available for the purposes of the programme.

Read more:

https://in-cyprus.com/passports-to-be-linked-with-shengen-visas/

Top Stories

Largest supermoon of 2020 rises on a world battling Covid-19 (photos)

The largest, brightest supermoon of 2020 rose in the night sky on Tuesday over hushed cities, stilled factories and countries in lockdown due to...

UK PM Johnson is stable, still in intensive care – Downing Street

British Prime Minister Boris Johnsons condition is stable and he remains in intensive care for close monitoring, a spokesman for his office said on...

Paphos: 5 booked at swimming pool, another 5 playing football

Five foreign nationals were booked by police on Tuesday afternoon at the swimming pool of a Paphos apartment complex. None were swimming, but all were...

Trump accuses U.S. Health Department watchdog of ‘fake dossier’ on coronavirus

President Donald Trump on Tuesday accused the U.S. Health Department's inspector general of having produced a "fake dossier" on American hospitals suffering shortages on...

5 tons of chloroquine imported from India for Cyprus, Israel

Five tons of API Chloroquine have been imported from India for Cyprus and Israel as part of a joint initiative by the two countries...

Taste

Stuffed vine leaves without meat

(Dolmadakia gialantzi) Rinse the leaves and boil in salted water for approximately 10 minutes until soft. Drain and place in some cold water with ice...

Snails with tomato sauce

When the snails are ready, drain them. Fry the onions in the oil and once slightly brown, add the tomatoes. Stir until cooked well...

Sea bream with capers

Clean the sea bream well, add salt and pepper to them and brush them with olive oil. Mix the capers and parsley together as...

Halloumi bread

Sift the flour with the salt into a bowl and mix in the yeast and lemon rind. Make a well in the centre of...