News: Only 9 People Bought Citizenship in Cyprus Under New Rules

In May 2019, the Government of the Republic of Cyprus adopted a new set of rules for obtaining citizenship after making investments in the country's economy. The size of investments, after which the application for a passport will be considered, is 150 thousand euros, and they should be sent in equal payments to the Land Development Fund (KOAG), and to the Research and Innovation Fund of the republic.

9 people have already used the “purchase” of the passport, which allowed both organizations to receive funds in the amount of 675 thousand euros. According to the head of KOAG, Panikos Argiridis, the department plans to receive about 3 million euros by the end of 2019. According to the official, by the end of 2020, this amount should grow to 22 million.

Investments in the Land Development Fund and the Research and Innovation Fund should be made immediately after making a positive decision on the application. Payment documents confirming the transfer of funds are the basis for the issuance of a passport.

Law & Trust offers services to everyone who wants to get a passport of the Republic of Cyprus. Lawyers of the company will help to prepare an application, submit a package of documents and transfer funds to the appropriate accounts after a decision on issuing a passport is made.