Lawbridge May 2019 Newsletter

15 May 2019: Fresh Amendments to the Cyprus Investment Program (Citizenship by Investment) come into force

Changes to the Cyprus Citizenship by Investment Program are coming into full force on the 15^th May 2019, aiming to encourage investments in additional economic sectors and enhance due diligence procedures. The most important changes are:

- Two compulsory donations of:

€75.000 to the Research Promotion Foundation. There are some exceptions on this point for investors who have already invested same amount in companies that have been certified as innovative or social, or €400.000 under investment criterion A3 in companies with activities in the economic sector, research and technology, education, health and renewable energy sources.

€75.000 to the Cyprus Land Development Corporation.

- Investments in the shipping industry and in Registered Alternative Investment Funds will be new available types of investment under the Program.

- When a residential property is re-used as part of a new investment, the new investment must be one of €2,5m instead of €2m.

- The investment must be maintained for a period of 5 instead of 3 years, with the right to replace it upon approval from the Ministry of Finance.

- The applicant must be a holder of a valid Schengen visa. A person will not be able to apply if he has already applied for citizenship and was rejected in any other EU member state.

The Cyprus Filming Scheme starts shooting: Nicolas Cage stars in a multi-million-dollar movie to be filmed in Cyprus

Cash rebates of up to 25-35% on expenditure, credits on corporate tax, tax allowances for investment in infrastructure and return of VAT on expenditure.

Combine these Cyprus Filming Scheme incentives, recently adopted by the Cyprus Government, with an EU Mediterranean country island enjoying sunny weather all year long. Add high connectivity, infrastructure and beautiful diversified natural sceneries and you have the ingredients to develop Cyprus into a movie-making destination.

It was recently announced that Academy Award winner Nicolas Cage will star in a new movie that will be filmed exclusively in Cyprus. The €24.6m science fiction and martial arts film ‘Jiu Jitsu’ will be produced by Martin J. Barab and Dimitri Logothetis. The latter will also direct.

The shooting of the first film brings hopes that film studio infrastructure will develop further in the island, allowing even more movies to be filmed.