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February 14, 2019 | ACIC Inc.

February 13, 2019, the council of ministers in Cyprus announced amendments to the Cypriot Investment Scheme. The amendments are yet to be released in the official gazette. Below is a summary of the changes:

• An applicant must have a valid Schengen when his/her application is initiated;
   
• Applicants who were refused by any other European Country will not be able to submit an application;
   
• The investment made in Cyprus must be preserved for a period be maintained for 5 years following the date of naturalization, instead of 3 years;
   
• Investors are permitted to change their investments during the 5-year period.
  Changing the investment however requires a consent from the Ministry of Finance.
   
• Shipping will be included in the investment sectors
• Government bonds is no longer an option for the purposes of the CIP;
   
• Investments in of-plan properties requires that a planning permit be available.
   
• A donation of €75,000 for research and development shall be mandatory;
   
• A donation of €75,000 to the land development organization to fund affordable housing schemes shall be mandatory;
   
• The government of Cyprus will be hiring a third part service provider to perform a Due diligence and background checks on all applicants. The name of the service provider is yet to be determined.