Recent changes to the Cyprus Investment Programme (CIP)

Girne ( Kyrenia ), North Cyprus

Recent changes have been made to the Cyprus Investment Programme (CIP) in an effort to further regulate, protect and secure its permanence within the market. The Cyprus Council of Ministers approved revisions to the programme on 13 February 2019. With such amendments set in place, the aim is to provide for social contribution within Cyprus as well as contribute to the research and development of the programme; and country. Please see below the following amendments for the CIP: Applicants must be in possession of a Schengen visa when applying.

Applicants who have previously been rejected by another EU country shall be automatically disqualified from the CIP;
– Rather than having the investment retained for a minimum of 3 years following the date of naturalisation, it has now been extended and must be maintained for 5 years.
– The investor, during this 5-year-period, will be able to change his investment, provided that the Ministry of Finance has granted consent for such change;
– The option to invest in government bonds will no longer be available, however, shipping will be included in the investment sectors;
– Properties under construction will now need a mandatory planning permit;
– A donation of €75,000 will be a mandatory requirement that will go towards research and development;
– Due diligence and background checks on each applicant will be carried on by a specialised foreign firm – the firm has not been hired yet.

The official CIP criteria is due to be published and Coates Global will keep you updated with more news once information has been released.

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