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CYPRUS CITIZENSHIP PROGRAM FOR INVESTORS

21 May 2018

We wish to bring to your attention important updates regarding the Cyprus Citizenship Program, as approved on Monday 21 May 2018, by the Cyprus Council of Ministers.

The Council of Ministers has renamed the “Program for Naturalisation of Investors in Cyprus by Exception” into the “Cyprus Investment Program” and has made the following important revisions on the terms of the Program:

  1. An upper limit of 700 applications per year has been introduced. The authorities will be accepting a maximum of 700 applications per year (i.e 700 main applicants) starting from this calendar year 2018
  2. The approximate examination period for the applications will be six months which is the minimum period required to hold a Permanent Residence Permit in Cyprus
  3. A Code of Conduct will be introduced, setting clear guidelines, in order to avoid abusive practices from stakeholders involved such as Service Providers, Developers, Estate Agents, Immigration Agents etc.
  4. Each application will be subject to enhanced due diligence checks. The said checks shall be conducted on behalf of the Cyprus Government, by an international provider specialising and approved for these services. The costs shall be borne by the applicant. The Government shall advise at a later stage when this change will come into effect
  5. With regards to the purchase of immovable property, the three year period, that the applicant is required to keep the investment, will start to count from the date of issuance of the Planning Permit, in case of investment into Real Estate
  6. Property which has been used already for citizenship application purposes, can be used again by another applicant only once, in combination with an additional investment of €1 million

Once the relevant Council of Ministers’ Decision is published by the authorities, we will update you with this.