Corporate administrators can provide a new type of service

September 16, 2020

The Law Regulating Companies Providing Administrative Services and Related Matters of 2012 (the Law) has been further amended on 17/08/2020. Article 4 (1) of the Law was amended by the addition of the paragraph (c) as follows: the provision of services for the preparation and/or management of an application for the granting of a residence permit or naturalization in the context of each Cyprus Investment Program in force, according to section 111A of the Civil Registry Law.

This effectively means that the provision of services for the preparation and/or management of an application for the granting of a residence permit or naturalization in the context of Cyprus Investment Program are now considered to be administrative services and the persons providing such services must be licensed in accordance with the provisions of the Law and must comply with the anti-money laundering and counter terrorist financing legislation, tax legislation, circulars and guideline of the regulators.

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