Cyprus amends its Golden Visa programme

The government of Cyprus shows its commitment to fight abuse in response to criticism.

To start with, the Council of Ministers resolved to rename the programme to the Cypriot Investment Scheme.

Besides it was decided at the cabinet meeting to grant citizenship to not more than 700 investors a year, starting this year. The number of passports to be issued has been capped after the growing trend was reported last year. All applicants will also need to undergo enhanced due diligence checks that would increase the processing time.

Furthermore, following criticism and public concern, the ministers commit to adopting a code of conduct that should prevent abuse, corruption and money laundering practices.

Another small change has been introduced for real estate investors; they must maintain ownership for 3 years after the issue of a town planning permit.