Cyprus to cap its “golden visa” program

23 May 2018
377 Views

Stung by criticism it has been selling European Union passports for cash, Cyprus has tightened vetting procedures in a scheme that grants Cypriot citizenship to investors, the finance minister said yesterday (22 May).
Harris Georgiades said Cypriot authorities have introduced more stringent controls on the programme and capped at 700 the number of passports it will grant to wealthy foreigners each year.

“For example, in addition to the checks carried out to date, a thorough, exhaustive, due diligence check by specialized foreign firms will be carried out on a case-by-case basis,” Georgiades told state radio.
“The new system has made the process more rigorous and more reliable,” he said, adding the passport scheme was a “useful supplement” but that the island was not reliant on revenue from the investments.

Cyprus has been criticised over the alleged cash-for-passports scheme, which primarily attracts wealthy Russians and Chinese.

“We do not accept the claim that the Cypriot passport is up for sale. The Cyprus passport — like any state passport — is given on the basis of specific criteria,” Georgiades said.
He dismissed claims the scheme was out of control, and said the amendments would limit the number of passports it offered each year.

“There is a limit of 700 applications each year — this figure is less than 30% of the total Cypriot naturalization,” he said.

The minister admitted the system was not perfect, which is why it needed to be modified.
“The government recognizes that there may have been weaknesses, but it has shown a willingness to correct any weaknesses,” he said.

The scheme was introduced to raise much-needed cash after the country nearly went bankrupt in 2013 and needed a multi-billion dollar bailout from international lenders.

To be eligible for a Cypriot passport, foreigners must make at least a two-million-euro investment in either property, business or government bonds and base their permanent residence in Cyprus.

Source: euractiv

You may be interested

JOKER results: 16/06/2019
GREECE
shares31 views
GREECE
shares31 views

JOKER results: 16/06/2019

Panos - Jun 16, 2019

The winning numbers from the JOKER draw are as follows:

Lotto results: 15/06/2019
GREECE
shares53 views
GREECE
shares53 views

Lotto results: 15/06/2019

Panos - Jun 15, 2019

The winning numbers from the Lotto draw are as follows:

Top 5 Beaches in the Cyclades
GREECE
shares161 views
GREECE
shares161 views

Top 5 Beaches in the Cyclades

Panos - Jun 14, 2019

The Cyclades are filled with beaches ranging from pleasant to amazing, but for those who love lists, here are the…

Leave a Comment

Your email address will not be published.