The Ministry of the Interior has called for the fast-track processing of citizenship by investment program for foreigners. “About 600 applications should be examined until the of May 2020, in accordance with set provisions and criteria”, said Nikos Nuris.
“We have used all our resources for the fast-track processing of citizenship for investment applications for the foreigners.”, - said Mr.Nuris in an interview with StockWatch.
Recall you, that the subject of the investment of up to 2.5 million EUR in the country’s economy.
Nikos Nuris said, that it is one of the most stringent passport program in the European Union according to the requirements for candidates.
“We often receive complaints from investors, that the criteria of the passport program, that we changed in 2019 to protect the interests of Cyprus, have become very stringent”, explained the Interior Minister.
Сheck the applicants financial condition (due diligence) requires a lot of time and cause considerable delays.
“We send documents for the verifications to three companies: two of them are located in New York, and another one in London”, - explained Mr. Nuris.
150 out of 600 applications have already been verified. The delay caused by Easter holidays.
“Usually, we get back about 90 applications a week. After that, the applications consider by the Ministry of Internal Affairs together with Unit for Combating Money Laundering (MOKAS), Interpol and the police of the Republic of Cyprus.”
Despite, the stringent criteria, the Cypriots authorities introduced some concessions.
During the quarantine, all applications can be filled up online, because the airports are closed.
“New naturalization in Cyprus should not exceed 700 applications per year. In fact, that we speed-up the process, does not mean that we have weakened the criteria”, - said the Interior Minister.
Changes to the Cyprus Investment program are pending in the Legal Department of the Republic of Cyprus in compliance with national and international legal frameworks.
The Minister expressed hope, that the Parliament will be able to consider the documents and approve them as soon as possible.