Cyprus continues to be a preferred jurisdiction for investors wishing to obtain an EU passport by way of investment. Last week, an additional opportunity has been introduced, through which the needed investment of €5 million has been lowered to €2.5 million for applicants investing through a Collective Investment Scheme.
In brief, this new option enables applicants, and their families, to be naturalized in Cyprus and acquire the Cyprus passport if there is an investment of €2.5 million (or even €2 million if the application is made until 1 June 2014) through a Collective Investment Scheme worth at least €12.5 million, investing in any one or a combination of the stated areas that mainly include: local real estate development projects, assets or shares in local enterprises or organisations, deposits in Cyprus banks or government bonds.
In practice, if a naturalization application is made grouping five investors investing €2.5 million each, each one investing separately in the allowed areas as stated above, then this would qualify as a ‘Collective Investment Scheme’ for the purposes of the Cyprus naturalization process. For more information on all the criteria for acquiring the Cyprus passport, please click here.