Insider Economy Annual citizenship application limit to be reached by May

Annual citizenship application limit to be reached by May

The pace of submitting applications for Cypriot citizenship by foreign investors over the past six months has intensified in view of the imminent implementation of amendments to the citizenship by investment scheme.

As far as applications go, the number of 700 citizenships which is the annual set ceiling will be reached quite soon.

But insiders hint of an unofficial extension to the May 15 set date for the implementation of the new measures. And that this will concern only those investors who have sales documents in their hands but have failed to submit the required documents beforehand.

That is, if an investor simply submits the sale document before May 15 and the remaining documents a bit later, then his/her application will be reviewed in accordance with rules and regulations applied before that date.

Despite the rising number of applications, the fact is that it takes at least six months before a passport is granted and, thus, the final naturalisation approval is taken after several months. For example, applications that may be submitted over the next few days will be finally approved or declined by the end of the year or even early in 2020.

Indicative of the mobility that has been recorded over the past months – which is also directly reflected in the real estate sector – is KPMG’s recently released ‘Cyprus Real Estate Market Report’. This shows an annual increase of 27% in real estate transactions worth over €1 million within 2018.

This trend continued in the early months of 2019, according to market research, mainly because some of the scheme’s new requirements are considered particularly difficult – such as the Schengen visa and due diligence by independent private firms to be appointed by the Finance Ministry.


Read more:

Top Stories

How European Banking Supervision can help fight economic impact of coronavirus outbreak in Europe

By Andrea Enria, Chair of the Supervisory Board of the ECB These are dramatic days for Europe and its citizens. The coronavirus outbreak has severely...

U.S. could face 200,000 coronavirus deaths, Fauci warns

U.S. deaths from coronavirus could reach 200,000 with millions of cases, the government's top infectious diseases expert warned on Sunday as New York, New...

Limassol: 45 booked in 12 hours for breaking decree

  Limassol police officers on Sunday booked another 45 people for breaking the stay at home decree as police spokesman Ioannis Soteriades told CNA that...

Two more test positive in Turkish-held north

Two more have tested positive in Turkish-held north Cyprus, bringing the total to 64, the Cyprus News Agency reports. It said that three of the...

Minister rebukes irresponsible behaviour

Health Minister Constantinos Ioannou on Sunday expressed concern over the large increase in the number of confirmed Covid-19 cases saying tracing had shown that...


Village salad

A must-have with every meal is a village salad. You will find it in every tavern or greek restaurant you visit in Cyprus. Make...

Courgettes with eggs

Heat the oil in a frying pan and fry the courgettes at a medium heat until they soften. Add salt and add the eggs....

Classic Pastitsio

Prepare the mince sauce: heat the butter in a pan and sauté the mince with the onion and garlic until nicely browned, mixing well....

Grilled vegetable and goat cheese rolls

Brush the vegetables with olive oil and season. Heat a pan/griddle and cook them carefully until golden on both sides, making sure their shape...