Limit on the Citizenship by Investment applications

Decision of the Council of Ministers to limit the number of naturalisations of investors granted under the citizenship by investment scheme to 700 a year, starting this year

The Press and Information Office (PIO) announced after the cabinet meeting which took place at the Presidential Palace, chaired by the President of the Republic Mr. Nikos Anastasiades, on a proposal by the Ministries of Interior and Finance, that the citizenship-by-investment scheme will be renamed as “Cypriot Investment Scheme”, revising it as follows:

1. Set a limit to accepting applications at 700 per year starting from 2018.
2. Determine the expected time of examining the application submitted under the Scheme at six months.
3. A code of conduct is adopted with clear provisions to avoid excessive and abusive practices in the management of the Scheme.
4. Each application shall be subject to an enhanced due diligence.
5. Investors have to remain owners of their investment for a minimum three-year period, in the case of buyers of real estate, will begin after the issue of the town planning permit.