On November 1, 2020, the Cypriot citizenship in exchange for investment program was closed. The authorities said they are not going to revive the "golden passport" scheme.
The Association of Large Investment Projects (ALIP) and the Association of Land and Building Developers (LBDA) sent a letter to the Ministers of Foreign Affairs and Internal Affairs with proposals to make the Permanent Residence Program (PRP) more attractive to foreign investors.
PRP currently grants permanent residence status to foreign nationals when purchasing real estate for an amount of at least € 300,000, and applicants must have at least € 30,000 in a Cypriot bank account. Successful candidates will also need to visit the island to submit their biometrics to the authorities.
Applicants must also provide proof of a guaranteed annual income of € 30,000 for themselves and additional income when moving with their family.
In their joint letter, ALIP and LBDA propose:
· Install biometric stations at the Cypriot embassies in third countries such as China, Vietnam, UAE, Russia, UK, to facilitate the fulfillment of requirements by investors.
· Take into account the spouse's income and remove the requirement to have money in a Cypriot bank.
· Provide investors with the opportunity to jointly invest in real estate without the need to be associated with each other. And approved applicants related to joint projects are allowed to live and work in Cyprus.
· Provide holders of permanent residence cards with the right to travel for several days in the EU member states and the UK without a visa. Developers also called on Cyprus to speed up the procedures for joining the Schengen area, which will allow successful applicants to travel freely to its member countries and compete with other European states in higher positions.
· The program now has a requirement for all family members who have received permanent residence to visit Cyprus at least once every two years. It is possible, developers believe, to remove the requirement for the whole family to visit Cyprus, obliging only the main applicant to visit the island.
Meanwhile, the President of Cyprus said that instead of citizenship, the government will provide other benefits to investors.