The Cyprus Government has today revealed that no application filed after Jan 31, 2020 for the citizenship by investment scheme has been examined or approved. Most of the applications that have been examined so far were from 2019 backlog
Responding to queries from lawmakers, Interior Minister Nouris said the government has not processed any applications filed after 31 January this year.
“These have been put on hold, and will be processed once the new regulations are passed. The only applications currently being examined are those filed in 2019.”
The new files filed after Jan 31, 2020, will only be examined after the new regulations are passed, Cyprus mail reported today.
The Cyprus government on Monday tabled to parliament the new stricter regulations and criteria for Cyprus investment scheme, after being rocked by scandals and pressure from European Commission.
- Stricter Anti-money laundering rules checking the applicants.
- Background checks will start immediately once the applicant registers with agent or service provider. The license of service providers will be issued for one year with renewals.
- Cyprus will monitor the applicant for 10 years once the citizenship is granted. The citizenship is withdrawn if the investor, has been convicted in the Republic or any other country for a serious criminal offence which entails a prison sentence of five years or more; are wanted by Europol or Interpol for a serious criminal offence; or have been placed on a sanctions list.
In 2019, Cyprus has imposed a schengen visa requirement as additional layer of vetting giving other member states a brief window too looking into the subjects applying for citizenship scheme.
Cyprus cannot issue schengen visas as it is still not a part of schengen area. Cyprus has filed application to join schengen area in the future. Since June 2014 Cyprus accepts a valid Schengen Visa (category C, double or multiple entry) equivalent to its national visa for transit through or intended stay on its territory not exceeding 90 days in any 180-day period.
Cyprus has also appointed internationally renowned third party due diligence providers to conduct background backgrounds on applicants. These firms will conduct enhanced global due diligence on non-Cypriot citizens applying for the acquisition of Cypriot citizenship through naturalization by exception (Cyprus Investment Program – CIP) and on other relevant individuals (family members or known associates), in order to verify their identity, background, financial history, and sources of wealth and assess the relevant risk for corruption, terrorism, money laundering, political sanctions, and their reputation.
In recent years, Cyprus has emerged as a new destination for wealth migration, attracting a number millionaires to its shores. So far €7bn have been invested and 4000 passports for millionaires have been issued for citizenship purpose.
Under the Cyprus investment scheme rules, minimum of €2m in Cyprus, of which €500,000 into a residence and additionally applicant will pay one time €75,000 fee to the Cyprus Land Development Corporation, and another €75,000 to the Research and Innovation Foundation. There is a limited quota of 700 applicants are accepted every year.
