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Cyprus Investment Programme Old Rules Will Be In Force Until 15th of July

The new regulations of the Cyprus investment programme have come into effect since the 15th of May 2019, however, the Cyprus Council of Ministers made an announcement last Monday granting an exemption from the €150,000 donation requirement to investors who already started the CIP application process.

Three months ago, on the 13th of February, the Council of Minister decided to amend the criteria and other terms and conditions for the non-Cypriot investors who are planning to obtain Cypriot citizenships under the Cyprus Investment Programme.

The main changes including the additional investment requirements, require a donation of €150,000 to the country’s Research and Innovation Foundation and the Cyprus Land Development Corporation, which should come into effect as of May 15th

However, many investors who had already began the application process and made the required investment (prior to changes), as well as their agents, have found themselves in an uneasy sitatuion, as they already made the relevant investments and payments. Especially for those who already invested in qualifying assets but cannot make the deadline of May 15th to submit the application, things would become extremely complicated.

To provide a solution for this, the Council of Minister decided to grant an exemption from the obligatory €150,000 donation for investors who have concluded the agreement for the purchase of immovable assets and paid the Stamp Duties before May 15th. Investors fulfilling the abovementioned conditions wouldn’t be required to make any additional donations, with the exception of having to hold a Schengen Visa. They may continue their CIP application program according to the old criteria and submit all the required documents before July 15th 2019.

The official announcement that was issued following the meeting is as follows:

Announcement concerning clarification for the Cyprus Investment Programme

In accordance with the decision of the Council of Ministers dated 13.2.2019 investors, who will submit an application on the basis of the Cyprus Investment Programme (Programme) from the 15th of May 2019 and onwards, are obliged to meet the criterion A.1 (Donation to the Research and Innovation Foundation and the Cyprus Land Development Corporation). However, it was brought to our attention that there are investors, who have been informed on the Programme prior to 13th of February 2019, and will not be able to submit their citizenship applications prior to the 15th of May 2019.

Consequently, in order to provide a solution for the aforementioned matter, the Council of Ministers, during its meeting held on the 6th of May 2019, decided that investors, who have concluded agreement/agreements for the purchase of immovable property – either within the framework of criterion Α.2 (Investment in real estate, land development and infrastructure projects) or aiming at the fulfillment of the requirement for the possession of a privately owned residence in Cyprus – will be exempted from the obligatory fulfillment of the aforementioned criterion A.1 (Donation to the Research and Innovation Foundation and the Cyprus Land Development Corporation), provided that the purchase agreement/s will be stamped until the 15th of May 2019 and will bear a seal of the Stamp Duties Commissioner dated until the 15th of May (included).

Finally, it is noted that, according to the decision of the Council of Ministers, the abovementioned exemption will be in force for applications that will be submitted until the 15th of July 2019 (included).

Ministry of Interior

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