On September 13th, 2016 the Council of Ministers approved the revised scheme for granting Cypriot citizenship to non-Cypriot entrepreneurs/investors. The government wants to attract investors who will choose Cyprus as their basis of residence and economic activity.
Investments should be kept for three years and companies in which investments are made should employ at least five Cypriot citizens.
The most important change 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 provided that one residential property is of at least €500,000 (excluding VAT). 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 March 15th, 2013 and those who purchased bonds worth €2.5 million.