Cyprus Investment Programme Deadline Extended

Applicants Exempted From €150,000 Donation

Dr. Antoine Saliba Haig | Published on 08 May 2019

Cyprus Investment Programme Deadline Extended img

The Cyprus Council of Ministers on the 13th of February has introduced a number of amendments aimed at improving the Cyprus Investment Programme. One of these amendments was the introduction of a €150,000 donation which is applicable for applications submitted from the 15th of May onwards. The €150,000 donation is split into a contribution of €75,000 to the Research and Innovation Fund and €75,000 to the Cyprus Land Development Agency with the intention to fund affordable housing schemes. Another important development is that from the 15th of May onwards, property purchased under the programme shall be kept for five years instead of three years.

€150k Donation Exemption for CIP Applicants

Given the spike of applications being submitted this month before the deadline, the Council of Ministers on the 6th of May agreed that applicants who have concluded agreements for the purchase of real estate in Cyprus under the programme will be exempted from making the €150,000 donation subject that the purchase agreement/s are stamped until the 15th of May 2019 and will bear of the seal of the Stamp Duties Commissioner dated until the 15th of May (included).

In addition, it was also decided that for this exemption to apply applications shall be submitted until the 15th of July 2019

How can we assist with your CIP Application? 

Our team of lawyers and property experts can assist you in ensuring that the property purchase agreements are stamped until the 15th of May and that the citizenship application is submitted before the 15th of July 2019. If you are interested in submitting an application before the deadline please contact us so we can guide you accordingly.

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