A new Draft Law is introduced today before the Cabinet

Cyprus/March 2014

The Minister of Finance, Mr. Charis Georgiades, and the Minister of Interior, Socrates Chasikos, have made the final review of the Draft Law which is expected to be introduced to the Cyprus Cabinet today.

The said Draft Law concerns the improvement of the requirements of obtaining the Cyprus citizenship by foreign investors.  The existing Law provides that a Cyprus citizenship may be obtained by investing EUR 5.000.000,00 (five millions) plus the purchase of a EUR 500.000,00 (five hundred thousand) dwelling.  The new Draft Law provides for a lower requirement at the price of EUR 2.000.000,00 (two millions) plus  EUR 500.000,00 (five hundred thousand) for the acquisition of a dwelling.

It has to be further noted that for one to obtain the Cyprus citizenship the said investor shall, along with the aforesaid investments, nominate four other probable investors who will likewise invest in Cyprus for the purpose of getting the Cyprus citizenship.

It is expected that if the said Draft Law receives the approval of the Cabinet and later that of the House of Representatives, it will further boost the real estate sector and the Cypriot economy in general.