The Cyprus Cabinet of Ministers on the 21st of May has implemented new provisions in the revised CIP. The aim of introducing new provisions in the CIP is to enhance the due diligence procedures and provide the investors with further protection and safeguarding measures.
The new provisions in CIP include placing a cap on the applications for naturalization at 700 per year starting from 2018 onwards. The aim of the Council of Ministers under the revised programme is to put in place stricter and advanced procedures, in order to ensure the suitability and eligibility of each applicant, the costs of which will be payable by the applicant. Also, the Press and Information Office (PIO) has announced that the official name of the program will be named as the 'Cyprus Investment Programme'.
One of the changes under the revised investment is the mandatory real investment holding period of three years will begin from the issuance of the Town Planning Permit. The cabinet of ministers has announced that the period of examination of the application for naturalization will be up to six months. Also, a Code of Conduct will be issued which will bear provisions to abate any abusive practices and ensure compliance with the new provisions under the revised programme.
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