We would like to bring to your attention that the Council of Ministers approved the new amended regulations of the Cyprus Investment Programme (CIP) which shall be voted by the House of Representatives in Cyprus.
One of the main changes being the provision of examining the citizenship applications in conjunction with the Money Laundering legislation of the Republic of Cyprus.
It is important to be mentioned that the economic criteria are expected to remain the same; however, a number of changes are expected to be made in the following aspects, in order to further regulate, supervise and tighten the regulations of CIP:
- Introduction of provisions and/or regulations for the revocation of the Cyprus citizenship;
- To impose further restrictions on the eligibility of the applicants and / or the applicants’ family members, as well as, to provide flexibility in the manner of submitting the application of the applicant and the dependent family members;
- Introduction of regulations for the further supervision of the registered Service Providers so as to ensure their compliance with the regulations of the CIP, as well as, the introduction of the sanctions to be imposed, in this respect.
The Cyprus Government’s intention is to further coordinate and regulate the CIP, as well as, to expedite the procedure of examining the citizenship applications by introducing new methods and/or mechanisms and by setting specialised committees.