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The Recent Changes to the Cyprus Citizenship by Investment

As of June 15th, 2018, the following amendments to the Cyprus Citizenship by Investment have been decided and approved as follow:
 
• The scheme of Cyprus Citizenship by Investment will be renamed to “Cyprus Investment Programme” (CIP).
• Limitation of 700 applications per year will take effect from 2018;
• The investor is obliged to maintain the investment property for a period of 3 years. In cases where the investment of property/ies is under construction, the investment period will commence from the issuance of the town planning permit of the property;
• All CIP applications should be submitted on behalf of the applicants by natural or legal persons who are registered with the Registry of Certified Service Providers. The registration of new members will be examined and approved by the Committee of Supervision and Control which comprises representatives from the Ministry of Finance, the Ministry of Interior and Invest Cyprus. The Registry will be published on 31/07/2018 on the websites of the Ministry of Finance, the Ministry of Interior and Invest Cyprus (CIPA).
• All holders of the license certificate should comply with the newly established Code of Conduct of the CIP.
• The examination period for the application for citizenship by investment will be 6 months from the date of submission;
• A thorough due diligence will be conducted on the applicants and a due diligence report, issued through an internationally accepted database (e.g. LexisNexis, World Check etc), will be required to be submitted together with the application of the main applicant and the main applicant’s spouse and parents.

As per the Decision of the Council of Ministers, the Minister of Finance is authorized to carry out an evaluation study on the CIP and its effects on the economy. The Committee of Supervision and Control will undertake possible revisions from time to time to further improve the implementation of the CIP.