The Council of Ministers made a decision to increase the prices of Cyprus citizenship investment scheme from €2m by €150,000 which came into effect from May 15, 2019.
CIP applicants are required to contribute €150,000 for Research/Innovation and Housing development of Cyprus (€75K for research and €75K for housing). Donations had to be made Research and Innovation Foundation and the Cyprus Land Development Corporation. Cyprus extended the deadline exempting the requirement to pay contribution €150,000 until 15th of July 2019 for real estate buyers
Considering the annual quota of 700 applicants for investment scheme, this brings additional revenues of €105m annually. This means Cyprus will benefit from approx €52m revenues for housing and will invest another €52m for research, development and innovation embracing new technologies.
Cyprus already raised €6.6 billion euros through the CIP since the start of the scheme in 2013
As a part of new changes implemented, all applicants undergo strict enhanced due diligence checks under the investment scheme.
Cyprus government has currently authorized over close to 600 CIP service providers for investment scheme.
