24 August, 2020
Revised Legislation of the Cyprus Investment Programme (CIP)
On the 18th of August 2020, the official gazette of the Republic of Cyprus published the revised legislation governing the Cyprus Investment Programme (“CIP”), as passed by Parliament in July.
Aimed at safeguarding, improving and making the CIP more attractive, the relevant regulations, as now determined under sections 111A and 117 of the Civil Registry Laws of 2002 to 2020, maintain the essence of the programme, but have been fine-tuned as follows:
- Previously, a Clean Criminal Record (CCR), issued no later than 3 months before the date of submission of the application, was required from both the country of origin and the country of residence. The revised legislation requires only a CCR from the country of permanent residence, with a validity of 6 months.
- Parliament clarified that investors who are regarded as Politically Exposed Persons are eligible to apply for the CIP, provided they did not hold such a position for at least 12 months prior to the submission of the application.
- The amount to be donated has been increased slightly from €150.000 to €200.000.
- Family members can now apply either simultaneously with the investor or separately at a later stage. This is expected to significantly accelerate the application’s processing time.
- Parents of the investor’s spouse may also apply now, provided they own a permanent residence, purchased at a price of at least €500.000 plus VAT.
- For investments in the acquisition or establishment of Cypriot companies or participation in such businesses, the minimum number of employees has been raised from 5 to 9.
Henley & Partners’ office in Cyprus will continue to closely monitor the implementation of the new law and keep you posted on any further revisions. We would be happy to answer any questions, which if necessary, we will forward to the relevant authorities for up-to-date clarifications.