Considering the scheme’s overwhelming popularity, the Cyprus government has revised the established programme pursuant to subsection (2) of section 111A of the Civil Registry Laws of 2002-2017, with specific incentives, criteria and control procedures to prevent abuse.
Effective from 15 June 2018, amendments to the scheme include:
- a new cap of 700 approved applicants per year;
- enhanced due diligence procedures;
- a renaming of the scheme: ‘Cypriot Investment Programme’;
- a six-month examination period for an application from the date of submission;
- an obligation to maintain an investment property for a minimum period of three years, with updated provisions for new-build property.
As of 31 July 2018, any applications for the Cyprus Investment Programme can only be submitted by natural/legal persons registered with the Registry of the Cyprus Investment Programme, which is supervised by the Committee of Supervision and Control.
Vistra Cyprus, being recently awarded the required licensed certificate, with registration number CIP 448, is now permitted to make such submissions, as well as advise/assist clients through every step of the application process.
For further details on the Cypriot Investment Programme, please contact Richard Melton.
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