In a formal announcement on March 30th, the Cyprus government has called for expedited processing of all citizenship by investment applications under the Cyprus Investment Programme (CIP). The decision comes as part of EU-wide measures taken to boost the Cyprus and EU economies considering the COVID-19 global pandemic.

The government decision calls for all applications for naturalization on the basis of the CIP to be treated as a priority, receiving expedited processing, which we understand is intended for under 6 months, and pending further clarifications by the appropriate government officials.

The government made clear that the Cyprus economy does not depend on schemes such as the CIP for financial stability, however, it is willing to invest in all sectors contributing to growth. This shows the international investment community, Cyprus’ continued commitment to offering the world’s most attractive citizenship by investment program.

The above-mentioned developments also put an end to unfounded recent criticism that the CIP approval process was under dispute, and no approvals would be forthcoming. While it is correct that all new CIP applications will now be subject to final Parliament approval, as opposed to Council of Ministers which has been the case up to now, the current announcement is definitive in that such Parliamentary approval will be granted under the expedited orders of the government.

For further information on the Cyprus Investment Programme please contact us on [email protected]