The Cypriot government introduced the citizenship by investment programme as an initiative to attract
foreign investment. The programme gives foreigners the opportunity to obtain full Cypriot citizenship
through various investment opportunities in Cyprus and consequently, the right to live, work and study in
all 28 European Union countries.

Specifically, the government decision calls for all applications for naturalization on the basis of the CIP to be treated as priority, receiving expedited processing, which we understand is intended for under 6 months, and pending further clarifications by the appropriate government officials.

The government made clear that Cyprus economy does not depend on schemes such as the CIP for financial stability, however it is willing to invest in all sectors contributing to growth. This shows the international investment community, Cyprus’ continued commitment to offering the world’s most attractive citizenship by investment program.

The above-mentioned developments also put an end to unfounded recent criticism that the CIP approval process was under dispute, and no approvals would be forthcoming. While it is correct that all new CIP applications will now be subject to final Parliament approval, as opposed to Council of Ministers which has been the case up to now, the current announcement is definitive in that such Parliamentary approval will be granted under the expedited orders of the government.

For further information on the Cyprus Investment Programme please contact us.

Source: C. Savva & Associates Ltd