Cyprus is ready to introduce an updated and more attractive Citizenship by Investments Program (Cyprus Investment Program, CIP). On July 31st the Cyprus Parliament voted the revised legislation and regulations of the Cyprus Investments Program (CIP).
Based on the official announcement received the below were voted and is expected to be officially announced soon.
In the case that the investment of €2,000,000 is in residential property, then no additional residency is required to be purchased. However, the investor is not allowed anymore to set up a land developing company as per of his/her investment plan.
It is increased to a total amount of €200,000 (€100,000 and €100,000)
An independent committee is to be formed in order to examine such cases and provide opinions to the Council of Ministers.
Globalserve Consultants Ltd will keep you updated on the amendments of the Cyprus Investments Program, CIP (Cyprus Citizenship by Investment)
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