Cyprus will reduce the cost of its fast-track citizenship program
The Cypriot department of immigration has cut the price of its fast track citizenship program, which is also known as economic citizenship. The main change was introduced to placate Russians who had lost money when the Cypriot government grabbed 40% of all deposits for themselves in two of Cyprus’s largest banks. Now there are several different way in which potential applicants will be able to obtain Cypriot citizenship. There is no need for them to have previously been residents of the country though they still must possess property there. In order to qualify for the fast track citizenship program all applicants must have at least 2 million euro invested in Cypriot shares or bonds or donate half million to the Cypriot science and technology fund.
In addition to that you can qualify by investing at least €5m in . The following types of investments qualify
- Property (but not undeveloped land)
- Cypriot businesses or companies
- Bonds, securities, debentures
- Investment or participation in public works
Last but not least, those who have lost money in the Cypriot bailout program will also be eligible to apply. During March 2013, Cyprus was facing a national bankruptcy and the government took extraordinary measures in order to ensure the budget goals will be met. The most controversial step was that the government took 40% of all deposits worth more than 100 000 EUR. As a result of this many high net worth Russian citizens lost millions of dollars. The Cypriot government has now reduced the amount that must be invested in Cyprus in order to qualify for citizenship. The Cypriot President Nicos Anastasiades told a Russian business conference in Limassol that this would ‘mitigate to some extent, the damage’ caused to Russian deposit holders.