• Emily A. Georgiades, Esq.

New Rules to EU Citizenship-by-Investment Scheme in Cyprus Promotes Businesses.

In the last 5 years or so, Cyprus has been successfully attracting investments by offering EU citizenship-by-investment. In fact, Cyprus attracted €6.6 billion from such investments. Given the popularity, the investment scheme rules have changed on February 14, 2019, to include inter alia:

1.) a mandatory donation of €75,000 to the Research and Innovation Foundation; or

2.) at least €75,000 to a certified innovative business; or

3.) at least €80,000 for purchase, incorporation, or participation in a company that operates the primary or secondary sector of the economy or in the fields of research, technology, health, education and renewable energy.

Such donations have the potential to jumpstart many small businesses and start-up companies in Cyprus.

Already there is a large start-up community in Cyprus that has been steadily growing and this is just the beginning. This scheme is sending the message that business innovation is at the core of our values in Cyprus. Small businesses are being given the opportunity to grow within their home base and to use this platform to launch into the international scene.

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