Update in respect of the Cyprus Investment Scheme

On the 15th June 2018 the Committee of Supervision and Control announced that starting 18th June 2018 they will accept applications for natural and legal persons to be added to the list of registered providers in respect of the Cyprus Investment Scheme.

The applications will be examined and a list will be published on the websites of the Ministry of Finance, Ministry of Interior and Invest Cyprus on the 31st of July 2018 listing the authorized providers.

Until the 30th of July 2018 all applications for citizenship can be filed by all persons in line with the current regulation. As per the 1st August 2018 only the natural and legal persons included on the authorized list may file such applications and additional documentation must be added to such application.

Such additional documents will include: a report of the findings of the Due Diligence Report, a Self-Declaration form from the service provider and a Self-Declaration form from the applicant.

In line with the published Code of Conduct and in contrast to previous speculation, the Due Diligence Report will be a report from an internationally recognized electronic database, for the use of which a fee is payable.

Moreover, as a result of the new regulations, it should be clarified that the 3 year lock-in period of property will commence on the date of the issuance of the Town Planning Permit in cases of projects which have not acquired such on the date of purchase and in cases of purchase of land.

Lastly, please bear in mind that as at 1st January 2018, a cap of 700 approvals of applications of main applicants has been introduced.


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