On the 25th of July 2019, the Council of Ministers of the Republic of Cyprus introduced a further amendment to the Cyprus Investment Programme (the "CIP"), whereby high-risk individuals are excluded from obtaining the Cypriot citizenship.
In particular, the prohibition applies to the following categories of persons:
(A) Politically Exposed Persons (PEPs), who are divided into the following sub-categories:
(i) Individuals holding a state office;
(ii) Individuals that held a state office in the past 5 (five) years.
(B) Persons who are subject to criminal investigation, without being pressed with charges.
(C) Persons who are subject to criminal prosecution and are held in custody.
(D) Persons convicted to imprisonment for serious offences (e.g. bribery, tax evasion etc) and where the sentence has been written-off.
(E) Persons connected with legal entities that are subject to sanctions by the European Union (EU), e.g. shareholders or senior executives of companies which are included in sanction lists.
(F) Persons who were connected in the past but are no longer connected with legal entities that are subject to sanctions by the European Union (EU), e.g. former senior executives of companies which are included in sanction lists. Such persons should have been connected with the sanctioned companies at the time where the sanctions were imposed to these companies. Individuals who had resigned prior to the imposition of the sanctions are exempted for the ban and may apply under the CIP.
(G) Persons who are sanctioned by third countries (e.g. US, Ukraine, Russian Federation).
(H) Persons who are connected with legal entities that are subject to sanctions by third countries.
(I) Persons being under investigation/being charged with criminal offenses and who are wanted by EUROPOL or INTERPOL.
(J) Persons who have been investigated and charged with criminal offenses and/or who are wanted by EUROPOL or INTERPOL.
(K) Persons who are subject to sanctions by the United Nations Security Council.
This publication has been prepared as a general guide and for information purposes only. It is not a substitution for professional advice. One must not rely on it without receiving independent advice based on the particular facts of his/her own case. No responsibility can be accepted by the authors or the publishers for any loss occasioned by acting or refraining from acting on the basis of this publication.
Senior Associate Lawyer– Property Department
We are a Law Firm with offices in Cyprus and Malta and a representative office in Shanghai China comprising of more than 70 lawyers, accountants and other professionals who advise, international and local clients.
The Firm has been offering legal and consulting services since 1983 evolving from a traditional law firm to an innovative cutting-edge multidisciplinary law firm combining exceptional expertise in law, tax, vat and accounting.
From its establishment the Firm’s focus has been heavily business oriented and always abreast with the latest global developments and innovations. Drawing from our pool of experienced professionals we provide our clients’ businesses full legal and accounting support on an everyday basis as well as customized solutions in today’s global financial and legal challenges.
We consider ourselves as ‘traditional pioneers’ and our motto is to foresee and anticipate any issues that may potentially impact our clients’ business and to offer effective advice and solutions proactively.
Lawyers’ Limited Company
12 Egypt Street, 1097, Nicosia
P.O. Box 22303, 1520 Nicosia, Cyprus
Tel: + 357 22 55 88 88 – Fax: + 357 22 66 25 00
E-mail: KinanisLLC@kinanis.com – Web site: www.kinanis.com
Civil Partnership, Law Firm
Kinanis Fiduciaries Limited
Suite 20, The Penthouse, 4th Floor, Ewropa Business Centre,
Dun Karm Street, Birkirkara, BKR 9034, Malta
Tel: + 356 27 54 00 24, Fax: + 356 27 54 00 25
E-mail: firstname.lastname@example.org – Website: www.kinanis.com
Kinanis (China) Limited
China Representative Office
Unit 661, 6/F CIROS PLAZA,
388 Nanjing West Road, Huangpu District,
Shanghai City, 200003, China
Tel: + 86 18 410 072 690
E-mail: email@example.com – Website: www.kinanis.com