Cyprus will have a hotline with other European countries for investors who will apply for Cypriots to naturalize. According to “F”, the changes promoted by the government in the Investment Program for Polytheres, in order to stop the reactions from the European Commission, is the exchange of information with investors with the other countries of the European Union.
In particular, provision is made for the investor who applies for Cypriot citizenship to submit Schengen Visa.
A competent source told “F” that Schengen Visa will prove that it was not rejected by another country. The Commission calls for the program to become more stringent because investors. in addition to Cypriot citizenship, European citizens are also automatically made. Although the text with the changes to the Investment Planning Program is not yet in its final form, it is surely certain that there will be provisions for rigorous investor controls, which will be fully updated by the European Commission . It is recalled that all applicants will pass a due diligence test from an international specialized company. Also, the changes will be the increase in the amount of investments.
In particular, applicants will have to make investments of € 2.5 million instead of € 2 million currently foreseen by the program. At the same time, stakeholders will be required to issue a town planning permit six months before the application is submitted. They also need to secure a temporary residence permit for six months. Another change that may be included in the Citizenship Investment Program is the submission of other data when submitting applications. All applications from prospective investors should be accompanied by real estate appraisal. A competent source said the assessment would only be made by licensed assessors. It is also important to make use of part of the investment for the community.
Special funds will be created, amounting to € 150 thousand of investment. The € 100k will go to the Research and Innovation Fund. The remaining € 50k will be transferred to another housing construction fund for vulnerable groups of citizens. One of the thoughts is the money to be managed by the COAG.
Changes are also expected in the code of conduct that must be followed by providers providing naturalization services. It is contemplated that those who violate the code may be prosecuted. Yesterday, land developers, members of the Big Investment Association and CIPA, have thoroughly scrutinized the draft text with the proposed changes. Next week, the parties will have a new meeting with Finance Minister Haris Georgiades, to which they will take their positions. The government’s effort is for the final text to be agreed with the parties involved before being referred to the Cabinet.