The Cyprus Ministry of the Interior has clarified 2 main points that will affect investors.
All submitted applications will be reviewed. If necessary, the department will continue processing applications already received after 1 November.
According to official data from 15 September 2020, 635 applications were pending in the programme department. This number could have increased in a month and today is expected to be around 700.
New applications will be accepted until 1 November 2020. The Department will only accept applications for which a complete set of documents has already been collected and an investment has been made: for example, real estate has already been purchased.
We recommend that investors who wanted to participate in the Cyprus Citizenship Programme for their investments hurry up with the decision in order to have time to process the documents for participation in the programme. In our experience, it takes around 2 weeks to collect the documents. The minimum investment amount for participation in the programme is 2 million Euros.
Why Cyprus suspends its citizenship programme for investments
On 13 October 2020, the Government of Cyprus decided to close the current citizenship programme for investment. The reason for this was numerous violations.
In 2020, Al Jazeera, a Qatari television company, placed several revelations on a Cypriot programme. According to journalists, Cyprus regularly allowed the participation of persons with criminal records and false information in statements. The television company also published a video which confirms that senior Cypriot government officials were involved in the violations.
We talked about this in the material “Cyprus Suspends the Citizenship Programme from 1 November 2020: Causes and Possible Consequences”.
Cyprus has also established a special commission that audits the programme materials. As a result of these audits, the government decided to revoke 7 issued passports.
The Commission is currently reviewing applications for Cyprus citizenship. According to the Ministry of the Interior, the audit has already identified 91 cases of violations and non-compliance with the programme.
Immigrant Invest is the only company in the industry with an established compliance department. We perform a security screening of the investor, which reduces the risk of rejection to 1%.
How to obtain citizenship in the European Union after 1 November 2020
Malta plans to officially restart its citizenship programme for investment in the near future. The country’s Programme Department is now finalizing the processing of applications under the old rules.
We talked about the upcoming changes in the material “Restart of the Malta Citizenship Programme for Investment in September 2020”.
After 1 November 2020 and the programme’s renewal, Malta will be the only European Union state that grants citizenship for investment.