Recently, the Cyprus Government, as a part of its efforts for the further improvement of the Cyprus Investment Programme, has established the Committee for Supervision and Control as well as the Registry of Service Providers.
Newly introduced amendments
1. As of the 1st of August 2018 and onwards, only registered Service Providers shall be eligible to submit applications for naturalization of foreign investors with the Ministry of Interior according to the provisions of the Cyprus Investment Programme. Harris Kyriakides LLC has proudly been enlisted in the Registry of the Republic of Cyprus as an official Service Provider (Registration Number 120).
2. The expected period for the examination of any application submitted has now been increased to 6 (six) months.
3. The Council of Ministers limited the investments in Cyprus by foreign investors to 700 per year. It is noted that in the event that the number of applications exceed the designated number for the said year, their examination shall be deferred for the following year.
4. The Service Provider is now requested to provide for each applicant, a Due Diligence Report by an internationally accepted database ensured through a subscription (e.g. World Check, LexisNexis Diligence), dated no later than 30 (thirty) days from the date of its submission.
5. The applicant is now requested to submit a duly completed and signed Self-Declaration, confirming his/her knowledge about the Cyprus Investment Programme and its provisions.
6. The Service Provider is also requested to submit a duly completed and signed Self-Declaration, confirming its knowledge, professionalism and compliance with the Cyprus Investment Programme and its provisions, as well as with any related laws and regulations.