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Ministry of Interior: Announcement concerning the criterion Α.5 (Deposits on Cypriot banks)

18 November 2014

Concerning the above criterion, it is often inquired whether the three-year fixed term deposits, which the investor has used in order
to acquire the Cypriot citizenship by exception, can be used as collateral to secure a bank loan. Consequently, the Council of Ministers, at its meeting held on the 25th of June 2014, clarified the matter.
Specifically, on 24th September 2014 the Ministry of Interior announced that the Council decided that the investor may use the fixed term deposits as collateral for a loan, provided that the funds resulting from the loan agreement will be invested solely in the Republic.
Therefore, if an investor moves forward with a loan agreement using the fixed term deposits as collateral, he/she is obliged to inform accordingly the Ministry of Interior and to provide information for the investments that will be concluded using these funds. If, for any reason, the investor fails to inform the Ministry of Interior, the Naturalization might be revoked.

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