Deputy Minister to the President of Cyprus Vasilis Palmas announced that the country’s Investment Program may be reorganised and restored.

According to Palmas, the Cypriot government and a foreign company are planning to present a new programme for foreign investors that will allow its participants to obtain a passport and other privileges.

“The new programme will be developed within the next few months,” reported the Deputy Minister to the President. He also noted that the Investment Programme of Cyprus has yielded considerable revenues and helped create thousands of jobs.

Vasilis Palmas explained that the Cypriot authorities would keep the current programme in place until November 1, 2020, so that the applicants who had already started the immigration process could complete it successfully and obtain their passports. At this point, there are 586 applicants under review.

Besides, Chairwoman of the Cyprus Securities and Exchange Commission Dimitra Kalogirou said she had held a meeting with members of the lawyers and public accountants associations of Cyprus to clarify the conditions of the new immigration programme.

Astons is a leading global immigration advisory firm with offices in Limassol and worldwide. We can help you apply for Cyprus’ residency by investment program, and other solutions across Europe and the CaribbeanFor further information or to discuss your personal circumstances in a private consultation, please contact Astons at [email protected].