The Ministry of Interior has issued the latest update on the Cyprus Investment Program, featuring new requirements effective from May 15, 2019.
Established by the Council of Ministers, this program aims to enhance Foreign Direct Investment and attract high-net-worth individuals to settle and conduct business in Cyprus.
Cyprus Investment Program criteria changed
On February 13, 2019, the Council of Ministers introduced new criteria and terms to strengthen the Cyprus Investment Program. These changes allow non-Cypriot entrepreneurs/investors and their families to submit applications in line with the program’s provisions. The revised program took effect on February 26, 2019, with certain clauses implemented from May 15, 2019.
This update provides details on the immediate effects of the program’s clauses and all provisions applicable between February 26, 2019, and May 14, 2019.
Application procedures, required documents, and application processing details are available in both Greek and English for investors and their family members. In case of any discrepancies between the English translation and the original Greek text, the Greek version prevails.
For information on clauses effective from May 15, 2019 and all provisions applicable from that date visit the Ministry of Interior website.
Read more: Cyprus the Perfect Wealth Hub – under attack by the European Commission
Cyprus Committee for Supervision and Control established
Additionally, the Council of Ministers established the Committee for Supervision and Control and the Registry of Service Providers for the Cyprus Investment Program on January 9, 2018, and May 21, 2018, respectively.
From August 1, 2018, onwards, applications can only be submitted by service providers included in the Registry, based on an improved procedure.
Further details about the terms and conditions and the application process for inclusion in the Registry can be found on the Committee for Supervision and Control’s website. The Registry is also available on the Committee’s website.
