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Marilia Paraschou

Marilia Paraschou

Cyprus Investment Programme: New Amendments

Following extensive discussions, the amended regulations regarding the Cyprus Investment Programme (CIP) were published in the Official Gazette.

The new regulations do not substantially change the existing CIP framework, but rather provide further clarity and guidance.

The main amendments are as follows:

  1. Politically Exposed Persons (PEPs) who have ceased to be PEPs for a period of at least 12 months prior to the submission of an application, may still apply for the CIP.

 

  1. The application/s of the Investor’s family members can now be submitted either simultaneously with the Investor’s application or at any time after the submission of the Investor’s application.

 

  1. The parents of the Investor or the parents of the Investor’s spouse may submit an application for naturalisation if they also purchase a residential property of minimum €500.000 + VAT (previously, this was only available to the parents of the main applicant).

 

  1. It is clarified that ‘underage children’ of an Investor, who can also apply for naturalisation, includes unmarried children under the age of 18.

 

  1. Establishment of a “Supervision and Control Committee” to regulate the services of the CIP registered service providers,

 

  1. Establishment of a “Naturalizations Control Unit” to monitor and insure compliance of all applicants with the applicable regulations and the coordination and/or supervision of the CIP.

 

  1. Detailed provisions have been introduced for the guidance and supervision of the registered service providers, in order to ensure compliance with the applicable regulations and the code of conduct.

 

  1. Increase of the total amount of necessary donations to €200,000 (from €150,000) out of which €100,000 must be donated to the Cyprus Land Development Corporation and the remaining €100,000 to one of the following: 
    • The Research and Innovation Foundation; or
    • The Industry and Technology Service; or
    • The Fund for Renewable Energy Sources and Conservation of Energy; or
    • The National Solidarity Fund
  1. The investment of funds for the incorporation and/or establishment of a land developer company is not a qualifying investment anymore.

 

  1. The option of establishing a business in Cyprus now requires the employment of 9 EU nationals.

 

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