The European Commission strongly recommends that Cyprus should refuse to “sell passports”

Еврокомиссия настоятельно рекомендует Кипру отказаться от продажи паспортов
23 April 2020 Angelica Michael

The Cypriot program “Citizenship for investment” has been criticized by EU commission again. By the way, not only Cyprus were criticized, but also other European countries, that offering similar programs for foreigners. For example, Malta, Portugal, Spain, Bulgaria, Greece and Austria.

April 1, the European commission sent an official letter to the leaders of the EU countries, which proposing to gradually abandon investment and passport programs. And on April 21, according to available information the EU called for the development of a plan to final closure of the schemes as a whole. EU asked those countries to provide their plans for considerations.

The head of the Ministry of Internal Affairs of Cyprus, Nikos Nuris, said that Cyprus is not going to close this program.

“The measures that were taken in May 2019, do not give any reason to discontinue the program. Our checks have reached a new level now”.

The EU insists that granting citizenship to individuals whose trustworthiness is in doubt. On Tuesday, the EU Commission sent a request to Cypriot, Bulgarian, and Maltese authorities, regarding their investment programs. The question was raised about the timing of plans to curtail programs, while the COVID-19 threatens the economy of Cyprus and other countries of the block.

Supporters of the program “Passport for investment” argue, that this program stimulates the economy of the country and created new jobs.

Critics believe that the program enforces corruption and creates a serious imbalance in key sectors of the economy, which are the real estate and construction in Cyprus.

Source: Cyprus Mail

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