In thecoming months, the acceleration of the naturalization process is expected in anattempt to restore the Cyprus economy.
The issueof remote submission and consideration of the entire package of documents maybe considered. For the period of Cyprus quarantine, officials will continue toreview applications and documents of candidates and their families.
Inaddition, from April 1 to May 31, VAT will be reduced to 17%.
Althoughthe government claims that the Cyprus economy is not very dependent onnaturalization, the decision seems to be investing heavily in this sector,which mainly contributes to the development of the construction sector.
Indeed,according to relevant data, only 1.2% of GDP is associated with thenaturalization program. Since 2013, about 6.6 billion Euros have been pumpedinto the economy through the Cyprus passport concession scheme.
Revenuesfrom the program are very important for Cyprus in eliminating the effects ofcoronavirus.
RELUXESTATES - THE OFFICIAL PROVIDER ACCREDITED BY THE MINISTRY OF FINANCE OFCYPRUS.
Thecompany’s specialists will be happy to answer all your questions and help inchoosing objects for obtaining citizenship by investments.