The Committee of Supervision and Control has announced that the submission of applications for registration in the Cypriot Investment Programme Service Providers’ Registry has opened. Natural and legal persons who are interested may submit their application online by the 18th of June 2018.
The applicants will have to pledge to observe the rules and regulations of the Code of Conduct introduced by the Committee, which forbid, among others, the use of Cypriot passport on any advertising material (printed or online) and the use in any way of the symbols of the Republic of Cyprus and of the European Union. It is also explicitly prohibited to use the acquisition of EU citizenship as one of the benefits of the Programme.
The service providers will also have to subject to enhanced scrutiny their potential clients and the source of their investments and provide a due diligence report by internationally accepted electronic data bases, not older than 30 days from the date of its submission. Service providers will also have to apply transparency in their relationship with their clients and avoid any possible conflict of interest between them and their clients, business associates, government officials and other associates during the implementation of the Scheme. The approved service providers will be added on the Registry which will be published on the websites of the Ministry of Finance, Ministry of Interior and Invest Cyprus on 31st of July 2018. As of August 1st 2018, no application for granting of Cypriot citizenship in accordance with the Programme will be submitted by anyone unless they are registered service providers.
