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Cyprus Residency Scheme Garners Over €2B Minister Confirms

28.05.2015

Cyprus’ permanent resident and citizenship scheme has attracted in excess of €2billion in foreign investment to the country in the past two years, Interior Minister Socrates Hasikos confirmed on Tuesday.

The investment incentive grants permanent residency and an official passport to non-EU citizens who either purchase real estate worth in excess of €300,000, make a direct investment of €5 million in businesses or properties, deposit €5 million into the country's banks or have lost in excess of €3 million from their bank deposits during the island’s March 2013 the bail-in.

Since its initial implementation, Cyprus’ citizenship scheme has undergone slight alterations, lowering the value of investment required and adding additional clauses for collective investments, so as to have a greater appeal to third country nationals, while its promotion abroad has also increased significantly.

These modifications appear to have been successful in attracting additional investors, according to the Minister.

Hasikos refused to reveal details as regards the precise figure of individuals who have received citizenship, citing the protection of personal data.

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