Remote Cyprus Investment Programme and abolishment of the 700 Annual Applications Quota
The Cyprus government last year introduced an annual cap of 700 applications that could be approved for its citizenship by investment program, a move many saw as an attempt to moderate concerns of European political bodies. Back in December 2019, it was widely circulated that the applications filled surpassed the quota for 2020 and 2021, with applications filled due for consideration after the year of 2021.
As a drastic response to major economic setbacks suffered from COVID-19 and to support the island’s economy, the Cypriot authorities have reconsidered this, abolished the annual 700 quota, and proceeded processing all existing applications with immediate effect.
Increasing of investments through CIP applications is one of the 27 “urgent measures” that the Mistry of Finance has recommended to the Cyprus Government.
The Government has enforced new CIP regulations, pending approval, which will include amendments to the terms and conditions to make naturalization of investors more appealing.
In addition, a major adjustment that came also into effect is that applications can now be submitted, processed and approved, without requiring an applicant to visit Cyprus.
The remote CIP
consists of steps, which most of them can be done remotely, including property selection, which can be done through live/video property viewings, legal and bank due diligence, permanent residence application, preparation of citizenship application file as well as the provision of supporting documents.
The physical presence of the application, is only required once the applicant comes to the stage whereby Biometric data need to be processed and thereafter the completion of the process, with collection of the Cyprus passport.
In case you wish to know more about how to apply remotely for Cyprus citizenship by investment, please contact our Citizenship and Residency specialist, Savvas Shiatis at email@example.com
for a complimentary consultation.