In statements to the press on Wednesday, 13th September 2016, the Minister of Finance, Harris Georgiades noted that the revision of the scheme aims to encourage real investments that would benefit the economy.

The government, he said, wants to attract investors who will chose Cyprus as their basis of residence and economic activity.

The most important change, Georgiades said, is that the revised scheme abolishes the provision for collective investment of €12 million, which is being replaced by an individual investment of €2 million and the purchase of a residence worth at least €500,000.

The new scheme terminates the provisions for the granting of citizenship to those with bank deposits worth €5 million, to persons whose deposits have been impaired due to the measures implemented after the 15th March 2013 and those who purchased bonds worth €2.5 million.

Source: CNA