The Cyprus Investment Programme, established in 2002 and overhauled in 2019, is to be suspended on 1 November 2020.
The announcement was made via Twitter by the Cypriot Interior and Finance Ministries on 13 October 2020, in a tweet published in Greek.
The tweet confirmed that the Cypriot Council of Ministers had approved the proposal for the Programme’s suspension.
The rationale for suspending the Programme was cited as longstanding weaknesses in the Programme and exploitation of the Programme’s provisions.
What does this update mean for me?
The Cyprus Investment Programme will cease to exist as an option for citizenship by investment on 1 November 2020.
If you were considering applying to the Cyprus Investment Programme, you should instead explore citizenship by investment programmes with a proven track record of conducting stringent due diligence on all applicants.
The Citizenship by Investment Programme of Dominica and St Kitts and Nevis, for example, are top-of-mind with respect to due diligence and are therefore two of the most respected Programmes in the industry.
How can I find out more?
If you have any further questions regarding available citizenship by investment options, please contact CS Global Partners.