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Cyprus imposed restrictions on the granting of citizenship to investors

Cyprus imposed restrictions on the granting of citizenship to investors

22 May 2018 LJ cover – Кипр ввел ограничения на выдачу гражданства инвесторам
Tags: Cyprus, Real Estate, Investments, Citizenship, Documents, Laws

The Council of Ministers of Cyprus 21 May decided to limit the number of passports issued under the "citizenship for investment" program to 700 per year, starting this year. The program was officially called the Cyprus Investment Scheme.

Each application within the framework of the investment scheme is subject to an enhanced comprehensive audit, the costs of which will be borne by the applicants. The audit period is defined as six months.

As stated in the official press release of the Bureau of Press and Information of Cyprus, an appropriate set of rules was adopted, the provisions of which will avoid unfair practices. It is noted that investors will still need to own their investments for at least three years. For those who purchase real estate, the countdown of this period begins from the moment of issue of the town-planning permission.

Recall that the program "citizenship for investment" was adopted in its current format in 2014 year and has since been adjusted several times. Now a foreigner can become a citizen of Cyprus for an investment of 2 million euros.

In 2017, the Government of Cyprus issued 503 passports to investors and 510 to their families. In 2016, these figures were 443 and 461, respectively, in 2015, 337 and 342, in 2014 214 and 186.

In March of this year, the European Commission announced its intention to investigate the process of granting citizenship to investors in a number of EU countries. The reason for this step was numerous complaints about possible violations, including corruption and money laundering, in the implementation of these programs.

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