On June 15th, 2018, and based on the decision numbered 81.292 and 84.068 dated 13/09/2016 and 09/01/2018, the following amendments to the scheme have been decided and approved by the Council of Ministers:

  • The program of Cyprus Citizenship by Investment programme will be renamed to “Cyprus Investment Programme”;

  • All applications for the Cyprus Investment Programme should be submitted on behalf of the applicant(s) by natural/legal persons whose name is included in the registry of certified service providers supervised by the newly created Supervisory and Control Committee;

  • All certified service providers should comply with the newly establi...

January 20, 2017

Introduction

Law 97(Ι) of 2016, which was published in the official gazette on 23 September 2016, amends the Companies Law Cap 113 in order to comply with the EU Accounting Directive (2013/34/EU) and also results in amendments to the Auditors and Statutory Audits of Annual and Consolidated Accounts Laws of 2009 and 2013 regarding the new management report. 

One of the most substantial changes is the abolition of the exemption from producing consolidated financial statements that was formerly only available to small or dormant companies.

Furthermore, now there are additional changes in connection with the exemptions from specific accounting disclosure regu...

The Cyprus government has this month revised the requirements for the increasingly popular "Scheme for Naturalization of non-Cypriot investors by exception" whereby through a Euro 2 million investment in Cyprus, a non-Cypriot citizen can legitimately acquire a Cyprus passport for himself and his dependents thus reaping the benefits of European citizenship.

The scheme’s immense success is due to various factors; the fact that it is the quickest procedure in Europe with one being awarded a passport within three months from the date of submission; there is no residency requirement (unlike jurisdictions such as Portugal and the Netherlands) and no donated a...

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