The government has decided on amendments in the criteria for acquiring a Cypriot passport under the Cyprus Investment Programme, the press reports.
According to information, the President, the Ministers of Interior and Finance and the president of DISY in a meeting in the Presidential Palace finalised the amendments and will submit them for approval to the cabinet on Wednesday.
The press reports that the €2 million investment threshold for the construction of new buildings or for other land development projects will not increase due to disagreement by land developers.
However, the threshold for purchasing used property will increase. Individuals who want to acquire a Cypriot passport will have to spend at least €2.5 million on used property.
The increased limit is targeted at forcing individuals to make additional investments, besides acquiring a used property.
It is worth noting that investors are allowed to sell a property after three years have passed from the time they purchased it.
The criteria for acquiring a Schengen visa will remain the same. The requirement to donate €100,000 to innovation funds and €50,000 towards social welfare will also remain.
According to Insider, a period of three months will be given before the amendments are implemented in order to process applications that have been already been submitted or those that will be submitted soon.
In the past two years 855 individuals acquired a Cypriot passport under the Investment Programme.
The government reported €2.5 billion in revenue as a result.