The Cyprus Government is set to make some important changes to the citizenship by investment program, to restart the economy and to boost the investments into the country, due to Covid-19 pandemic.
These are some of the significant changes likely to implemented soon.
- Cyprus will speedup examination of all backlog of pending applications and make processing faster.
- Cyprus will lift the restrictions of 700 applications this year
- The Rules for PEP (politically exposed persons) will be relaxed and will now be accepted subjected to enhanced due diligence.
- The relevant legislations will be forwarded to the parliament for approvals.
- Capital gains tax for citizenship purpose may be exempted for one year to boost economy.
The recommendations for the three member committee on the naturalisation by investment scheme will be fully adopted. The Ministry will forward relevant regulations to the parliament for approvals