15th Oct 2020 21:15
Dolphin Capital Investors Ltd - real estate investment company - Notes Cyprus government has cancelled the Cyprus citizenship investment programme with effect from November 1. The programme allowed foreign investors to apply for Cypriot citizenship upon making a minimum EUR2 million investment in Cyprus properties.
Dolphin also notes that the Cyprus authorities have indicated that they would explore the introduction in the near future of alternative investment incentives to replace the existing citizenship programme. The Cyprus Permanent Residence programme, which offers permanent residence status to foreign individuals with a minimum EUR300,000 property investment in Cyprus, remains in place.
"The company is monitoring these developments in close cooperation with the management team at Aristo Developers Ltd, the company's 48% associate and one of the largest Cyprus property developers. Aristo is likely to remain affected by the Covid-19 pandemic, exacerbated by the expected impact in the short term of the existing citizenship investment programme cancellation. Additional updates will be provided as appropriate."
Current stock price: 3.00 pence
Year-to-date change: down 29%
By Paul McGowan; [email protected]
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