New Plan, New Expectations

The Cypriot government, following complaints voiced by European politicians and negative press coverage, revised its citizenship-through-investment scheme.

Officially, since August 1, 2018, new regulations have been put in place. In the wake of the decisions taken in January for a tougher framework for controlling investor service providers, on Tuesday, July 31, the Cyprus Investment Services Provider's Register was published.

The list of the authorized providers, who have been trained and authorized to contact interested investors and submit, on their behalf, the necessary applications for a Cypriot passport was given to publicity.

The list, drawn up on the basis of relevant applications submitted, includes 255 members. They are both professionals and companies from Cyprus and abroad. The list includes law firms, professional services companies, land development companies, certified accountants, etc.

View details of the 255 providers HERE {  }

It is worth mentioning, that foreign companies were also included, which would serve customers from their own country but they are also encouraged to open offices in Cyprus.

The change in the regulations for the Cyprus Investment Plan, as it has been renamed, was deemed necessary in order to overcome any disinformation phenomena from investors but also to change the reputation of "selling out" the Cypriot passport.

Furthermore, concerning the revised procedures of the Cypriot Investment Plan, Cyprus did not follow any other country model.

It should be noted that the Ministry of Finance and Interior and Invest Cyprus cooperated in the process of preparation and implementation of the Registry.