Cyprus is standardizing the operation of its citizenship by investment program, the Cypriot Investment Scheme (CIS), and is increasingly taking a form similar to that of Malta and the Caribbean programs. By July 31st, the Ministry of Finance, together with Invest Cyprus, will publish online an official registry of accredited service providers, and are inviting real estate developers, law firms, accounting firms, and other professionals who process citizenship applications to submit their applications by July 18th.
“The registry will be published on July 31, 2018 on the websites of the ministries of finance and the interior, and Invest Cyprus,” said the Ministry of Finance, according to Cyprus Business Mail. “It is stressed that the July 31, registry will include the applications submitted by July 18, 2018, provided they are approved.”
Following the issuance of a wide set of new rules last month – which include limits on how the program may be marketed, an annual application cap, and a strict code of conduct, and enhanced due diligence – the processing of applications to the citizenship by investment program may only be conduted by accredited service providers.
“From July 31, 2018 onwards, applications for naturalisation may be submitted only by registered service providers,” who can participate in a special training seminar on Thursday, June 21, the ministry said. Participants will receive a certificate of attendance, which is one of the registration requirements for service providers.
The Ministry of Finance and Invesrt Cyprus have established a new committee to oversee the country’s citizenship program, effectively analogous to a CIU. Interested parties may submit an application for inclusion on the list of registered service providers here.