Introduced in 2013 to generate economic growth in Cyprus, this investment program has seen incredible success. Since the introduction of the scheme in 2014 and in a previous form in 2008, Cyprus has granted citizenships to 1,685 investors and 1,651 family members. Recent changes to the program have been implemented by the Council of Ministers in Cyprus and announced via the Cypriot Press and Information Office (PIO). These changes seek to improve and regulate the process for acquiring citizenship.
Updates to Citizenship by Investment Program are as Follows:
1 – New Annual Quota Restriction
The number of investors to be granted citizenship under the Citizenship by Investment Program will be limited to 700 applicants per year, resulting in an exclusive and desirable program for investors. Since the program was launched in 2014, the number of applications has increased steadily.
2 – New Name for Cyprus Citizenship by Investment Program
The Government’s Press and Information Office has also announced a change in the official name of the program. Following these amendments, the Citizenship by Investment Program will now be known as the ‘Cyprus Investment Program’. The new name draws focus to the main element of the program which is investment, this is fundamental as following the investment the participant would then receive citizenship/passport of Cyprus – an EU country.
3 – Stricter Due Diligence Process
With the new amendments, the citizenship program will also see the implementation of enhanced due diligence procedures. The new due diligence procedures will elongate the application process to a six-month period for clearance, and due diligence costs will be borne by applicants.
4 – Supervision and Control Committee
Furthermore, these changes include the creation of a “Supervision and Control Committee” as well as setting up a registry of authorized service providers approved to administer citizenship by investment in Cyprus. Only registered individuals and companies will be able to submit applications on behalf of investors. The new approach ensures that the high-quality standards of the program are upheld by all providers.
5 – Code of Conduct
There will also be a Code of Conduct that must be followed by individuals and legal entities that are involved in Cyprus citizenship by investment – this includes lawyers, accountants, real estate advisers, developers, banks, credit institutions, and other service providers. Specific details regarding penalties for offenders of the Code of Conduct will be announced as soon as they are provided by the Cypriot authorities.
6 – Advertising
When Advertising the program, greater emphasis will be put on Cyprus rather than the outcome which is a citizenship and passport of the Republic of Cyprus a European Member state. This is to guarantee that participants are aware of the key factors of the program, that is investing in Cyprus.
7 – Personal Data
Publishing the names of investors who have been issued a Cyprus passport can now be considered a criminal offense.
Despite the update to the Citizenship by Investment Program, the core of the program remains consistent to the program we already knew. An investment of 2 million for purchase or construction of buildings or for the construction of other land development projects is required to become a citizen of Cyprus – an EU country. The update is to ensure a high-quality process that provides all parties with a safe regulated procedure. SkyPrime is well informed on all updates of the program and continue to follow the governments rules and regulations.