In an effort to further regulate the Cyprus Investment Program (CIP) and to secure its continuity, the Cyprus Council of Ministers has approved on the 13th of February 2019 revisions on the program.
The new changes aim to contribute to the research and development as well as to provide for social contribution.
The changes include the following:
- Applicants should be in possession of a Schengen visa;
- Applicants who were rejected by another EU country shall be excluded from the CIP;
- The investment should be maintained for 5 years following the date of naturalization, instead of 3 years;
- During the 5-year period the investor will be able to change his investment, provided that a consent will be granted in this regard by the Ministry of Finance;
- Shipping will be included in the investment sectors, while investing in government bonds shall no longer be available for the purposes of the CIP;
- A planning permit shall be mandatory for properties under construction;
- A donation of €75,000 for research and development shall be mandatory;
- A donation of €75,000 to the land development organisation to fund affordable housing schemes shall be mandatory;
- Due diligence and background checks shall be carried on by a specialised foreign firm on each applicant (the firm has not been hired yet).
For further information, please contact Eleni Drakou, Senior Associate, Michael Kyprianou & Co LLC at eleni.drakou@kyprianou.com.
