CYPRUS INVESTMENT PROGRAMME: AMENDMENTS TO THE SCHEME
As of June 15th, 2018, and based on the decision numbered 81.292 and 84.068 dated 13/09/2016 and 09/01/2018, the following amendments to the scheme have been decided and approved by the Council of Ministers:
- The program of Cyprus Citizenship by Investment programme will be renamed to “Cyprus Investment Programme”;
- The examination period for the application for citizenship by investment will be 6 months from the date of submission;
- Quota: 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 applications for the Cyprus Investment Programme should be submitted on behalf of the applicant(s) by natural/legal persons who are in possession of the requisite license certificate;
- All holders of the license certificate should comply with the newly established Code of Conduct of the Cyprus Investment Programme.
Note: All remaining terms and conditions to the programme remain the same and a detailed analysis of the updated Cyprus Investment Programme will be provided in our upcoming brochure.