Cyprus. The cost of residency on the island has increased.

The changes to the program are not too significant, but when making a decision to obtain Cypriot citizenship in exchange for acquiring real estate, they should be taken into account.

Firstly, since the new version has come into effect, the amount of the donation (a one-time non-refundable payment) has increased from 150,000 euros to 200,000 euros. The minimum investment of 2 million euros for 5 years remains the same.

More significant changes relate to the relatives of the applicant. Now, financially dependent adult children (aged 18 to 28), who are married, can no longer apply for citizenship based on their parents' application. However, the parents of the spouse of the investor can now also apply, provided they make additional investments of 500,000 euros. Previously, only the parents of the investor could apply. Parents of both spouses are allowed to purchase one property worth at least 1 million euros.

Adult family members (children aged 18 to 28 and parents of the spouse) can now apply for citizenship simultaneously with the main investor, significantly reducing the time required for adult family members to obtain citizenship.

The new amendments prohibit foreign investors from establishing a development company and investing in their own development projects in order to obtain citizenship.

If the applicant invests funds in a Cypriot company, it must employ at least 9 Cypriot or EU citizens, instead of the previous 5.

All funds related to the investments mentioned above, as well as the purchase of permanent private residence according to the rules, must be transferred from a foreign bank account of the foreign investor or their company/companies, and all payments related to the investment in the Republic must be made to Cypriot credit institutions or payment institutions licensed and supervised by the Central Bank of Cyprus (copies of electronic transfers should be attached to the investor's application). Previously, there were some relaxations in this matter.

Politically significant individuals, provided they do not hold significant political positions (heads of states or governments, ministers or deputy ministers, ambassadors, mayors, etc.), must not hold public office within one year at the time of applying for citizenship. Previously, this period was five years.

A certificate of non-criminal record, provided for the application, must not be older than 6 months. Previously, this period was limited to 3 months.

Applicants who have been convicted of a serious criminal offense punishable by imprisonment for a term of five or more years or another offense of a similar degree of seriousness cannot submit an application for Cypriot citizenship. It is implied that in the case of conviction in another country, the specific offense must also be considered a crime in the Republic of Cyprus and punishable by a similar term of imprisonment. Applicants who are under criminal investigation with a possible sentence of 5 or more years of imprisonment are also not eligible to submit an application for Cypriot citizenship. All other terms and benefits of the Program remain unchanged.

"The changes are unlikely to have a significant impact on the interest of Russians in this program," believes Ekaterina Rumyantseva, Chairman of the Board of Directors of Kalinka Group. "It is partly a political decision," comments the expert. "The European Union is concerned that Cyprus receives such a financial flow from Russia and is trying to make this situation less attractive in some way. On the other hand, Cyprus itself sees that the high demand for passports remains stable and, taking advantage of this, is trying to raise the bar."

The expert believes that in this situation, individuals considering Cyprus for obtaining a second passport should hurry. "Sooner or later, Cyprus will not withstand the pressure from the EU, make concessions, and cease to issue passports, as has already happened with Greece, Latvia, and other EU countries, whose passport programs were popular among Russians," warns Ekaterina Rumyantseva.