I heard about the bonds option going away, but I am wondering what happens to those who have already invested in the bonds. How are those pre-existing applications affect by this change?
Answers
Hi, government bonds are stopped. The existing will stay as is, until it expires.
Further to the latest amendments to the citizenship-by-investment program, the option to purchase government bonds is no longer applicable as financial criteria. It is not possible to apply with the new criteria. If you had already applied prior to the changes, when this was an applicable financial criterion, then your application should be examined accordingly.
Please be informed that investment into government bonds is no longer eligible under the Cyprus Investment Program. However, whoever invested into government bonds at the time where this investment option was eligible and had his application properly submitted to the responsible ministry, those applications are not affected.
Regarding applications that have been filed before the changes took effect, they will be examined with the previous status.
Applications that were filed prior to the change of the program are not affected; the changes apply to all new applications.
The announcement for the government bonds investment option concerns the new applications, meaning that they cannot accept new applications based on that criterion. The previous applications will not be affected by the mentioned announcement.
There are no binds under the new program. Pre-existing applications are not affected.
Regarding your enquiry, please note that the bonds option has been removed as a selection of investment as of May 15, 2019. If you have invested in bonds with a previous scheme then the terms and conditions apply for the bonds you have bought, i.e., in three years from the day of purchase the bonds will be paid with interest.