Cyprus Property News magazine for overseas buyers & real estate investors

Thursday 6th August 2020
Home Investor Centre Cyprus passport programme under fire again

Cyprus passport programme under fire again

CYPRUS’ embattled ‘golden passport’ programme has come in for a fresh round of criticism from the EU, but the government has rebutted their demands.

A request from the EU Commission was sent to member states on April 1 calling for the phasing out of such programmes.

There is no intention of ending the programme, Interior Minister Nicos Nouris was quoted as saying on Tuesday.

“With the measures which have been taken after May 2019 we see no reason as to why it should be stopped but also the checks now go above and beyond,” he told daily Phileleftheros.

According to reports, the EU further called for a plan to be devised detailing the winding down of operations, with the eventual closure of the scheme altogether. It also reportedly asked for the plan to be made available for review.

The measures to which Nouris was referring are, in part, reviewing previous applicants.

The government began a process of revoking citizenship should an “audit reveal that a person or a member of his family has been accused of any crimes, or are the objects of European or international sanctions.”

In November, it was reported that Oleg Deripaska – a Russian billionaire with ties to the Kremlin – had his Cypriot citizenship rescinded as part of the stricter measures and review process. He was granted citizenship in 2017.

It is understood that 26 people have so far had their citizenship revoked.

“It was a mistake not to have criteria, for instance, for high-risk persons,” former Interior Minister Constantinos Petrides said at the time.

The EU, however, insists that such programmes undermine the integrity of the bloc by granting access to individuals which it sees as questionable.

The Commission recently sent another round of requests to the Cypriot, Bulgarian and Maltese authorities in regards to the programmes, an EU representative said.

Questions have been raised over the timing as the Covid-19 pandemic threatens Cyprus’ and the bloc’s economies.

Proponents of the citizenship by investment programme say that it boosts the economy and creates jobs.

Critics, however, say that the programme is rife with corruption and creates major imbalances in key sectors such as housing and construction.

EU passports can be obtained in Cyprus for an investment of at least €2 million.

1 COMMENT

  1. If the EU didn’t want a slice of the Wild West, then it shouldn’t have accepted the Cowboys into its club.

Comments are closed.

WEATHER FORECAST

EXCHANGE RATES

EUR - Euro Member Countries
GBP
1.1058
RUB
0.0116
CNY
0.1214
CHF
0.9272

TOP STORIES

Property sales in Cyprus improving

The number of property sales in Cyprus is improving following the government's decision to introduce an interest rate subsidy for new housing loans granted from 1st March 2020 until 31st December 2020.

you're currently offline