Exemption to Certain Investors of the Cyprus Investment Programme

€150,000 contribution not applicable to investors with purchase agreements stamped before the 15th of May 2019.

The Council of Ministers for Cyprus issued an announcement clarifying the terms of the new amendments to the Cyprus Investment Programme.

New Amendments to the Cyprus Investment Programme

The recent changes to the programme saw the introduction of a €150,000 contribution which would be split equally between the Research & Innovation Fund and the Cyprus Land Development Agency. The amendments also saw the introduction of the extension of the duration required for property purchased under the programme, extending from 3 to 5 years. These amendments were set to go into force on the 15^th May 2019.

Clarification Statement Issued

The clarification comes after an issued arose that some investors who had already started the process to acquire qualifying assets prior to the new amendments being made public, would not be able to submit their CIP application prior to the scheduled deadline. As a result, the Council of Ministers has announced that any applicants who have already started the process and hold purchase agreements stamped before the 15th of May 2019, are exempt from paying the requested €150,000 contribution. The Council has also stated that should investors fill this requirement, they will also be able to take advantage of a CIP application submission deadline extension to the 15^th July 2019, exactly 2 months after the original deadline.