Cypriot residency by investment scheme changed

The requirements for the Cypriot residency by investment scheme have changed, according to Gold News.

The amendments, reportedly announced by the Council of Ministers, concern the discretion of the cabinet to lower criteria regarding investment in government bonds, assets in Cypriot enterprises, in real estate, development and infrastructure projects and regarding the purchase, establishment or participation in Cypriot businesses.

The special cases concern:
 
I. The amount necessary for foreign investors to secure a Cypriot passport, which is reduced to €2.5 million for someone participating in a collective investment worth at least €12.5 million.
 
II. The amount necessary for foreign investors to secure a Cypriot passport, which is reduced to €2.0 million for someone participating in a collective investment worth more than €12.5 million. This provision will apply until 1.6.2014.
 
It is thought that the new criteria will be welcomed by investors from the Far East.