The Council of Ministers of the Republic of Cyprus set some restrictions related to the persons who can qualify for the Cyprus Investment Programme (the ‘Programme’ - previously Citizenship by Investment Scheme), which came in effect on 30 August 2019, upon their publication in the official gazette of the Republic.
The measures aim to restrict access to the Programme to persons who are considered as of high risk, belonging to the following groups:
a) Politically Exposed Persons, including:
1) persons holding public office;
2) persons who held public office in the previous five years.
b) Persons who are under criminal investigations without any charges recited.
c) Persons who are under criminal investigations and are under trial.
d) Persons convicted to imprisonment for serious offenses, such as bribing, tax evasion, etc. and their sentence has lapsed.
e) Persons who are associated with legal entities to which restrictive measures have been imposed by the EU, i.e. shareholders or high ranking officers of companies included in a sanction list.
f) Persons who were associated with legal entities to which restrictive measures have been imposed by the EU, but who are not associated anymore. For example high ranking officers of companies included in a sanction list, who were associated with these entities when the sanctions were imposed, even if they resigned at the time of imposition of the sanctions. Only high ranking officers who had resigned before the imposition of such measures are excluded from this provision.
g) Persons to whom sanctions have been imposed by third countries (i.e. USA, Russia, Ukraine).
h) Persons who are associated with legal entities sanctioned by third countries.
i) Persons who are investigated/accused for criminal offenses and are wanted within the EU by EUROPOL or internationally by INTERPOL.
j) Persons who were investigated/accused for criminal offenses and are wanted within the EU by EUROPOL or internationally by INTERPOL.
k) Persons who are sanctioned by the United Nations Security Council.
It is reminded that the Programme was revised a few months ago, by adding a few new and amending some existing requirements, but the basic philosophy and application remains the same. You can find more about the amendments on our relevant newsfeed.
Seamark Consultants Ltd is licensed for the provision of services in relation to the Programme. We have plenty of informative material in relation to this as well as other incentives for investing, relocating, and/or setting or relocating a company in Cyprus. We would be glad to provide you with these and discuss any specific cases based on their own facts, with no commitments! Feel free to contact us by completing the relevant form or via email: email@example.com or phone: 00357 25504000.