The new regulations do not substantially change the existing CIP framework, but rather provide further clarity and guidance.
The main amendments are as follows:
- 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.
- 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.
- 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).
- It is clarified that ‘underage children’ of an Investor, who can also apply for naturalisation, includes unmarried children under the age of 18.
- Establishment of a “Supervision and Control Committee” to regulate the services of the CIP registered service providers,
- 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.
- 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.
- 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
- The investment of funds for the incorporation and/or establishment of a land developer company is not a qualifying investment anymore.
- The option of establishing a business in Cyprus now requires the employment of 9 EU nationals.