Cyprus Investment Program for Politically Exposed Persons with individual checks in force
The Cypriot Government plans to open its Citizenship Investment Program for politically exposed persons (‘PEPs’). These are former civil servants and their family members. According to Sigma Live, each application will be treated individually without widespread bans for all PEPs.
Cyprus stopped accepting applications form PEPs under its Citizenship Investment Program in 2019. This decision was implemented due to its policy of toughening rules for candidates for Cyprus citizenship.
Astons understands that the Government seeks to increase access to the Citizenship Investment Program, and to lift several restrictions and introduce individual treatment for each candidate. The Government plans to attract foreign investment to help the real estate market by lifting quotas of 700 applications for citizenship through investment per year and fast-track applications.
Proposed measures include adopting remote application procedures and restrictions for non-regulated companies to prepare applications. These procedures are aimed at providing strict control and oversight for the Citizenship Investment Program.
Experts believe that these measures can remove unnecessary restrictions, and will assess investors on an individual basis.
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