The Cyprus Investment Programme

On the 21st of May, the Cyprus Cabinet of Ministers, has amended new provisions for the Cyprus Investment Programme, aiming to enhance the due diligence procedures and provide the investors with further protection and safeguarding measures.

The changes according to the new provisions are: setting a maximum number of applications for naturalization on 700 per year starting from 2018 onwards and following a stricter and advanced procedures, in order to ensure the suitability and eligibility of each applicant.

Also the mandatory real investment holding period of three years will begin from the issuance of the Town Planning Permit.
The cabinet of ministers has announced that the approximately period of examination of the application for naturalization will be up to six months.
Additionally, a Code of Conduct will be issued in order to minimize any abusive practices and ensure compliance with the new provisions under the revised programme.

The official name of the program will be named as the 'Cyprus Investment Programme'.