The Cypriot Council of Minister has repealed the Cyprus
Investment Programme (CIP). The Cyprus Investment Programme allowed
applicants the possibility to apply for citizenship in Cyprus after
investing a minimum of €2 million in real estate and a
donation of €200,000.
Mr Kyriakos Koushos, the spokesman for the Cyprus government
announced that the Cabinet of Ministers accepted a recommendation
by the Interior and Finance Ministry to cancel the Cyprus
Investment Programme. The official date of cancellation of the
Citizenship by Investment Programme shall be the 1st of November
2020 and any applications submitted till then will be processed
accordingly.
The decision to repeal the legislation which made it possible
for investors to apply for citizenship in Cyprus through investment
came as a result of a report which highlighted procedural
deficiencies, lack of proper due diligence checks and a
long-standing weakness of the provisions of the Cyprus
