The Economic Substance (Companies and Limited Partnership) Act, 2018 ( “ESA Act”) was enacted in the British Virgin Islands (“BVI”) on December 28th, 2018 to come into force on January 1, 2019.
The Cyprus Council of Ministers of Cyprus within the implementation framework of its objectives, one of which is to further encourage Foreign Direct Investment and to attract high net worth individuals to settle and do business in Cyprus, proceed to a further review of the economic criteria and other terms and conditions of the Cyprus Investment Program (“CIP”) and has approved revisions on it in order to make to even “more targeted and trustworthy”.
On the 13th of February 2019, the Council of Minister of the Republic of Cyprus has decided to proceed with amendments in the criteria and other terms and conditions for acquiring a Cypriot passport under the Cyprus Investment Program.
