The Government of Cyprus intends to accelerate the process of granting citizenship for investment

Правительство Кипра намерено ускорить процесс предоставления гражданства за инвестиции
31 March 2020 Liza Medvetskaya
4096

Coronavirus has put the global economy on the brink of a crisis that could prove to be the most serious in the century. Cyprus was not exception.

In order to make some push to the Cypriot economy, the Government of the Republic of Cyprus has expressed their wish to accelerate the process of granting citizenship for investment, in accordance with the new established criteria.

According to the new rules, Cyprus can issue no more than 700 passports per year.

Правительство Кипра намерено ускорить процесс предоставления гражданства за инвестиции

Despite that, the authorities periodically declare that the Cyprus economy does not depend directly of the “golden passports”. This situation demonstrated that Cyprus does not intent to abandon the famous scheme. Even after a recent decision, Cypriot citizenship requires the government and the promotion of an active investment program.

Especially because of its efficiency, the economy has proved. Statistics show us that 1.2% of Cyprus’s GDP is related to the naturalization program.

For the last 5 years, starting in 2013, the scheme for issuing of “golden passports” to foreigners has helped Cyprus attract about 6.6 billion EUR from abroad. This amount is almost 6x times the amount that a similar program helped generate to neighboring Malta.

The "golden passport" were a relatively small number of foreign investors. A study by the Cypriot Ministry of Finance showed a positive and very significant impact of the Citizenship for Investment program on the Cyprus property market and construction sector, employment, tax collection (in particular, an increase in VAT revenue) and a reduction in public debt.

According to experts, including the growth of Cyprus GDP over the past three years has been directly related to the local "citizenship for investment" program.

Source: In-cyprus

Source: In-Cyprus
Photos: pixabay.com
Ellie Ginger
Ellie Ginger
2 April 2020 13:27
We will wait)
Ellie Ginger
Ellie Ginger
5 April 2020 13:47
How much investment should there be in the country to get into the program?
Kirill Ravchenko
Kirill Ravchenko
6 April 2020 17:50
Investment Passport program in Cyprus:- 2,000,000 euros investing in the purchase of real estate, secondary or primary real estate market of Cyprus - 500,000 euros buying your own residence in Cyprus - 150,000 euros payment to public funds - from 5,000 euros payment of an accredited lawyer for support.That is, the volume of investments is 2,650,000 euros. More details about the Cyprus passport program can be found in the video from a competent lawyer in Cyprus: [URL=https://youtu.be/r_gKf2tnQio]https://youtu.be/r_gKf2tnQio [/URL]
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