Announcement of the Ministry of Interior in relation to the Cyprus Investment Programme and ulawful / misleading advertisements
In response to a number of unlawful / misleading advertisements and or posts regarding the Cyprus Investment Programme, in social media and the web, the Ministry of Interior reminds that Regulation 17 of the Honorary Naturalization for reasons of Public Interest and the Naturalisation of Foreign Entrepreneurs and Investors Regulations (R.A.A. 379/20) provides that all service providers need to comply with and implement all the instructions included in the Annex. Paragraph (3) of the Annex of the aforementioned Regulations, explicitly forbids providers and their associates, to promote and advertise the naturalization or the Cypriot passport in any form of advertisment, including on the web, social media or at any other event taking place either in the Republic or abroad.
The Ministry of Interior has already informed the competent Supervisory and Control Committee that is authorised, according to the abovementioned Regulations, to address the issue. It is also reminded that the specific violation is sanctioned with removal from the programme's providers register and is also subject to an administrative fine of up to 350,000 Euro.
Additionally, the Ministry of Interior informs that up until September 30th 2020, the number of applications, that have been submitted at the MoI and will be examined by the Naturalisation Unit, amounted to 586. Of the total number of applications, 410 were applications submitted in 2019 and the remaining 176 were submitted within 2020.
It is also stressed that any new applications for naturalisation through the Cypriot Investment Programme will be accepted until 12:00 noon of Friday, October 30th 2020, provided that these are duly completed and accompanied by all necessary documents and certificates. It should also be made clear that incomplete applications will not be accepted for submission.
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