Cyprus MP Hopes to Add Oversight to Citizenship Program

Cyprus Politician Proposed Changes to Immigration Program

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A Cyprus MP has announced his intention to present a bill designed to add more oversight and transparency to the Cyprus Citizenship by Investment Program (CIP). Giorgos Perdikis from the Green Party wants to require that any changes to the country’s CIP regulations first be approved by the Cyprus Parliament. This would include any modifications to pricing, eligibility criteria, and application procedures.

Perdikis says his intent is to make the program stronger by ensuring there is enough transparency to protect the program from oversea critics. CIPs in other countries generally require parliamentary approval for substantive program changes.

This is not the first time Perdikis has tried to alleviate CIP concerns from elsewhere in the EU. Last year he proposed publicly identifying the individuals who had received citizenship through the Cyprus CIP. Although that legislative effort was unsuccessful, Cypriot authorities have recently made a number of changes to appease CIP critics.

Cyprus announced in January 2018 special measures and controls to prevent abuse of the Cyprus Investment Scheme.  The Cyprus government announced that all service providers offering the Scheme, have to adhere to a code of conduct and must actively contribute to the maintenance and the enhancement of the integrity of the program and must be authorised by the registry of authorised CIP service. Now only these authorised individuals and companies are allowed to process CIP applications. Then, in May 2018, Cyprus instituted a limit on the number of CIP applications, capping that at 700 per year. All these efforts were combined with the implementation of stricter due-diligence measures.

Astons provides Residence & Citizenship solutions worldwide acting as Trusted Advisors to high net worth individuals, legal, investment, family office and banking firms worldwide as well as entrepreneurs and their families.

For further information on CIPs in the UK, EU and the Caribbean contact our specialist immigration team at info@astons.com where we will be happy to discuss your personal circumstances in a private consultation.