The number of persons participating in the Cyprus naturalization program for investors (“citizenship for investments”) may be limited. This possibility is currently being considered by the Government of Cyprus, the “Kasimerini” newspaper reports with reference to the Minister of Finance Haris Georgiadis. Since 2013, when the program was launched, more than 1,000 investors received citizenship.
In particular, the government can begin to more strictly regulate how a program for investors is promoted and advertised in the private sector, and set an annual limit on the number of participants in the program.
Georgiadis explained that the effectiveness of certain aspects of the program is questionable, and therefore, it should be monitored. According to the latest version of the program, foreign citizens can obtain the citizenship of the Republic of Cyprus on the accelerated procedure of naturalization in exchange for investments in the amount of 2 million euros. Previously, investors were required to invest in the economy of the country from 2.5 to 12.5 million euros.