Cyprus Reduces the Time for Consideration of Applications for the Golden Passport

The Ministry of the Interior of Cyprus will change its citizenship investment program to expedite the process. According to the government, the amendments will not affect the volume of investments. First of all, the changes are aimed at the investment process in order to maintain the program and make it consistent with European Union standards. However, it is still unknown exactly how it is planned to reduce the time for consideration, and how quickly the decision will be made.

In addition, Cyprus will “link” the Golden Passport program to the Money Laundering Act. Over the past 2 years, more attention has been paid to the origin of funds in the republic, banks and service providers are already conducting checks. From now then on, all potential investors are assigned the High-Risk status without exception - this requires passing a very strict procedure for controlling the origin of funds.

As for financial criteria, they will be expanded. Investors have the right to invest in the equity of organizations or in shares of investment funds, but most applicants prefer to invest in real estate. Cyprus will expand the list of companies in which you can invest by adding small and medium-sized businesses there, as well as projects related to ecology and environmental protection.

Law&Trust offers services to clients who wish to use the Golden Passport program in Cyprus. We will help you prepare an application, create a package of documents, as well as select an object for investment, and conduct an operation in accordance with the laws of Cyprus.