In light of the strong interest of foreign investors to settle and do business in Cyprus, the Council of Ministers, as part of its efforts to further improve the Cyprus Investment Programme (the “Programme”) on the basis of subsection (2) of section 111A of the Civil Registry Laws of 2002–2017, has introduced a number of changes with specific incentives, terms, conditions and control procedures in order to prevent abuse of the Programme. The revised Programme will be placed into effect on the 1st day of August 2018 and will read as follows:
Reduced number of citizenships: the number of citizenships granted under the Programme is capped to 700 per year. The indicated number includes only the citizenships to be granted to main investors, not family members;
Enhanced due diligence practices: a report of the findings of the due diligence review, dated no longer that 30 days from the date of its submission, from an internationally recognised database must be submitted along with the citizenship application;
Appointments for submission: appointments for the submission of citizenship applications must be made with the relevant authorities 4 weeks in advance;
Examination period: the expected timeframe for the examination of the citizenship application increased to approximately 6 months from the date of submission;
Formation of the Registry of Service Providers of the Programme (the “Registry”): all natural and/or legal persons who provide services related to the Programme are obliged to register with the Registry. From the 1st day of August 2018 and onwards, citizenship applications may be submitted by the service providers that are registered in the Registry;
Founding of the Committee of Supervision and Control (the “Committee”): the Committee consists of representatives from the Ministry of Interior, the Ministry of Finance and Invest Cyprus and is responsible for approving registrations of new members with the Registry as well as ensuring compliance of the members with the Code of Conduct;
Creation of the Code of Conduct (the “Code”): the primary purpose of the Code is to set the parameters for the provision of services which will protect the service providers and the applicants they serve from any unprofessional, unethical or incompetent practices. The Code will be adjusted from time to time by the Committee to reflect the needs, goals and challenges of the Programme.
Royal Pine & Associates Limited is registered with the Registry of Service Providers of the Cyprus Investment Programme.
We remain at your disposal should you require any further clarifications.
The author of the article is Sophia Stylianou.
Sophia is a legal consultant at Royal Pine & Associates. She is a qualified lawyer with experience in the corporate field and an admitted member at the Cyprus Bar. She holds an LL.B from the University of Surrey and has completed the LPC with BPP University.