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Cyprus Passport For Investment Scheme Under Fire Once Again
Cyprus Immigration Attourney Dimitri Dimitriades, working in the field of the Cyprus citizenship by Investment Scheme has spoken out defending the controversial programme which has raised an approximate €5 billion euros in investment into the Cyprus property market and economy.
While political rapport has been strained with Russia and the West, Cyprus has avoided getting involved, and not only, their affiliation has thrived, as Cyprus has become home to thousands of Russians during the last decade in search of sun, sea, tax benefits and a convenient way to gain EU citizenship. The leading property investors can even apply for a Cypriot passport and consequently EU citizenship.
It is a controversial scheme however it has all helped commercial and industry recovery in Cyprus since the crash in 2013. “The scheme has been undoubtedly profitable for the island bringing in almost 5 billion euros to the Cypriot economy. With the income making up almost 20% of the islands GDP, a largely significant amount.” The Cyprus Governor reassured.
Detractors however have raised concerns that the Cyprus government hasn’t been conducting sufficient due diligence checks with applications which have questioned the safety and moralities as to the origin of the investment money. Authorities have insisted that all the necessary regulations are in place and the concerns are merely speculation as a result of negative reputations from an ethical point of view.
Authorities are trying to down play any emphasis on referring to the process in Cyprus as passport selling, and as a result photographs of the Cyprus passport in commercials will no longer be acceptable, which includes any marketing activities of the programme will also be prohibited, only in a very strict way and there is also a special monitoring committee and a list of the service’s providers.
For more information about the Cyprus Passport For Investment Scheme, contact us, we’d be happy to assist.