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Announcement of the Ministry of Interior regarding the Cyprus Investment Programme

 

On the 6th of May 2019 the Council of Ministers announced that it had decided that investors who have been informed of the criteria of the Cyprus Investment Programme (the “Programme”) prior to the 13th of February 2019 and were not able to submit their citizenship applications prior to the 15th of May 2019, will be exempted from the mandatory donations to the Research and Innovation Foundation and the Cyprus Land Development Corporation (as per the new criteria of the Programme), provided that:

(a) the investors have concluded agreement(s) for the acquisition of immovable property – either within the framework of criterion Α.2 of the Programme, i.e. investment in real estate, land development and infrastructure projects, or for the fulfillment of the requirement for the possession of a privately-owned residence in Cyprus; and

(b) the relevant agreement(s) has/have been stamped by the 15th of May 2019 and stamp duty has been paid.

The abovementioned exemption will be applicable for applications that will be submitted up to the 15th of July 2019.

 

Michael Damianos & Co LLC provides a one-stop-shop for the application process under the Cyprus Investment Programme, assisting clients with all stages of the application process, from making the application, to assisting with the choice of the best investment opportunity and preparing purchase contracts and all necessary completion requirements.

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