Home European Citizenship Cyprus Golden Visa Revoked: Cyprus Citizenship by Investment

Cyprus Golden Visa Revoked: Cyprus Citizenship by Investment

Cyprus Golden Visa Revoked: Cyprus Citizenship by Investment

Cyprus golden visa revoked

Cyprus has scrapped a profitable programme granting citizenship to wealthy investors after a top state official and a veteran lawmaker were filmed in an undercover documentary pledging to support a passport application from a fictitious investor with a supposed criminal record.

✈ In this video:
0:00 – Cyprus Golden Visa Revoked: Cyprus Citizenship by Investment

0:35 – Cyprus cancels Its golden visa

Cyprus is one of the EU member states that currently provide
“golden passports” to non-EU nationals who make sufficient investments in the country.

1:05 – What is a Cyprus Golden Visa

Cyprus offers two types of Golden Visas. one of which leads to citizenship while the other leads to permanent residence.

The difference comes down to the required amount of investment.

To get Cyprus citizenship by investment, the applicant must purchase real estate property worth at least €2 million. For permanent residence, the required investment is at €300,000.

The Cyprus Golden Visa program is the quickest route to citizenship out of all the European countries that offers them.

An investor can become a Cypriot citizen within six months and enjoy the same rights as an EU citizen

The investment program had gained momentum after 2013, when a financial crisis nearly brought Cyprus to bankruptcy and has attracted many foreign investors because a Cyprus passport automatically grants its holder citizenship access to the entire 27-member European Union. …and the UK, before Brexit happened.

Around 4,000 Cypriot passports have been issued to investors under the program, generating more than €7bn.

02:21 – Cyprus and EU Response to Closing the Citizenship By Investment Scheme

The Cyprus government has conceded that “mistakes” were made and has tightened up the eligibility criteria in recent years.

The most recent changes that lawmakers approved in August included a new anti-money-laundering vetting rule… …and making it easier to revoke the citizenship of investors involved in or convicted of a serious crime.

Despite the stricter rules, the program continued to have an onslaught of corruption and kickback allegations.

Cyprus Government spokesman Kyriakos Koushos stated that the Cabinet had accepted a recommendation by the minsters of the interior and finance to cancel altogether the “golden passport” scheme that has earned billions of euros over several years.

He said the Cypriot government would in due course look at different ways of attracting foreign investment.

European Commission spokesman Christian Wigand said the bloc’s executive body is looking into launching infringement proceedings against Cyprus.

“We watched in disbelief how high-level officials were trading European citizenship for financial gains,” Wigand told reporters in Brussels. European commission “President (Ursula) von der Leyen was clear when saying European values are not for sale.”

Wigand said the commission had frequently raised concerns about such investor citizenship schemes and also directly with Cypriot authorities.

Aside from Cyprus, Greece, Malta, Portugal and the UK offer residence visas in exchange for a large investment.

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