Reading all the latest posts and articles on the internet about the Cyprus Investment Programme reaching its quota for the next two years, one would think that the CIP is closed for business.
Is that the case though? If you are an Oracle you would know!
It is well known that last year Cyprus introduced an annual cap of 700 for the number of applications that could be approved each year. Based on the above, a local newspaper reported that according to unnamed sources, the number of applications submitted up until the end of October 2019 was so high that the quota was already reached for 2019 and 2020 and any applications thereafter would only be examined in 2021.
This rumor quickly spread like wildfire and the same article was reproduced widely, causing turmoil within the investment immigration community.
A closer analysis of this assumption though can only point to its erroneous nature.
- The Ministry has officially confirmed that once the quota of approvals is reached in any given year, it will be announcing this fact. Thus, until the year 2019 finishes, we cannot know how many approvals have been issued. Nor has an announcement been issued yet to say that the quota for this year has already been reached.
- Likewise, it is only at the end of 2020 that we will know how many approvals have been issued for that year. Regardless, of how many applications have been filed or will be filed, every single case is evaluated on its own merits and pace and will be approved (or rejected) once the evaluation process is completed. It is impossible to foretell when an application will be processed and what the outcome will be to know in advance that such quota will be reached.
Our opinion is that those who are currently considering using the provisions of the CIP, should not be deterred by the fact that others have applied before them. Even if such numbers have significantly increased in 2019. On the contrary, this should be seen as a vote of confidence for the CIP.
Those considering investing in Cyprus should primarily be identifying the excellent investment opportunities offered and the thriving economy. If indeed they are interested in taking advantage of the CIP to apply for Cyprus Naturalisation, they should carefully evaluate the applicable provisions and consult with an experienced CIP Service Provider. Feel free to get in touch should you need any further assistance.