Cyprus Passport Programme
The Government of the Republic of Cyprus decided to limit the number of passports issued to foreign millionaires according to the accelerated scheme in exchange for investments of two million euros. Hand in there will be no more than 700 passports a year. The scheme “Citizenship in exchange for investment” will be renamed the “Cyprus Investment Scheme”, the Bureau of Information and Press (PIO) informs.
“A code of action will be adopted with clear conditions (procedures for processing applications) that will avoid the abuse of this scheme”, the government said in a statement to the press.
- Each application from a foreign investor wishing to obtain the citizenship of the Republic of Cyprus on an accelerated schedule will be considered “in the most careful manner and with due diligence”.
- The time for consideration of applications is six months maximum.
- The restriction on the number of passports comes into force in 2018. Until now, there were no bars.
- Foreigners will have to remain owners of the securities, shares and companies or real estate acquired at least three years after the acquisition of Cypriot citizenship. In the case of real estate, a three-year report will begin with the approval of the city planning department.
Recall that the government, led by Nikos Anastasiadis, introduced a scheme for issuing passports in exchange for investment – it is also called “Golden Visas” – in 2014.
Number of passports issued under this scheme
For investors and their families:
- 2014 – 214 and 186
- 2015: 337 and 342
- 2016 – 443 and 461
- 2017 – 503 and 510
In February 2018, MPs of the Republic of Cyprus began to sound the alarm, believing that the program for issuing passports to foreign millionaires “got out of control.” Legislators urged the government to introduce changes to the rules for issuing passports to investors, which will make the process “more transparent.”