As per the regulations in operation, once the citizenship application is deposited, it is required to prepare and deposit the permanent residency application if you are not already a PR permit holder. Following this, if you are not already a PR permit holder, you shall be required to visit Cyprus in order to provide biometric data and apply for the issuance of the permanent residency immigration permit and the biometric card. Once the above is completed, the examination of the citizenship begins and approval is given within three months approximately. The naturalization procedure and the issuing of the passport, however, is completed after six months from the day the PR immigration permit is issued. On the expiration of the six months, the authorities will request payment of the approval fee in order to issue the naturalization certificate. The investor then has a time frame of three months to travel to Cyprus and attend the district court in order to provide his/her official affirmation of faith to the Republic of Cyprus and issue his/her passport and identity card.
How could the changes to the Cyprus citizenship-by-investment program impact my application?
I am in the process of applying for Cyprus' CBI program. I heard that from Aug. 1, the application process time would double. Instead of 90 days, applicants need to wait for six months to get the passport. Does this mean that the vetting procedure will become stricter? Should I make any adjustments to my current documentation to make sure that my case would be approved under the new rules?
The Committee of Supervision and Control for the Cyprus investment program consists of representatives from the ministry of finance, the ministry of interior and Invest Cyprus. It was established on the basis of a council of ministers decision, aiming at further improving the Cyprus investment program. Please be informed that the recent changes to the Cyprus investment program are mainly made to control the professionals (lawyers, developers, etc.) offering services and products to the potential investors in an effort to regulate the program and make sure that all the professionals involved are well aware of the investment program and the criteria to apply for it. Hence, the above should not affect the procedure for applying under the Cyprus investment program.
Indeed, there were some changes recently in the program, but such changes do not really change the current structure of the scheme as a whole. The changes are made for making the whole program more transparent and feasible, and furthermore in order to fully comply with the EU regulations and directions. Basically, you do not need to change anything from the current procedure, provided, of course, that you have double checked your service provider is now registered in the list of 255 providers and that may provide services for the purposes of the Cyprus Investment Scheme, as this has been named since Aug. 1, 2018.