Dolphin Capital Investors Limited Update on Cyprus Citizenship Investment Programme (2514C)
October 15 2020 - 10:27AM
UK Regulatory
TIDMDCI
RNS Number : 2514C
Dolphin Capital Investors Limited
15 October 2020
15 October 2020
DOLPHIN CAPITAL INVESTORS LIMITED
("DCI" or "Dolphin" or the "Company"
and together with its subsidiaries the "Group")
Update in relation to Cyprus Citizenship Investment
Programme
Dolphin, an investor in high-end residential resort developments
in the eastern Mediterranean, notes that the Cyprus government
announced on 13 October that it would cancel the Cyprus citizenship
investment programme with effect from 1 November. The programme
allowed foreign investors to apply for Cypriot citizenship upon
making a minimum EUR2 million investment in, inter alia, Cyprus
properties.
The Company 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 EUR0.3
million property investment in Cyprus remains in place.
The Company is monitoring these developments in close
cooperation with the management team at Aristo Developers Ltd
("Aristo"), the Company's 47.9% 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.
For further information, please contact:
Dolphin Capital Investors
Andrew M Coppel, CBE +44 (0) 7785 577023
Dolphin Capital Partners miltos@dolphincp.com
Miltos E Kambourides
Panmure Gordon (Broker)
Dominic Morley +44 (0) 20 7886 2500
Grant Thornton UK LLP (Nominated Adviser)
Philip Secrett +44 (0) 20 7383 5100
Instinctif (PR Communications Adviser)
Mark Garraway +44 (0) 20 7457 2007
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