The program "naturalisation of foreign investors" needs improves

Что не хватает кипрской программе "Гражданство за инвестиции"?
18 September 2020 Liza Medvetskaya
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The possibility of channeling investments to companies of the investors themselves is proposed by the Association of Certified Public Accountants, Dimitris Vakis, to improve the naturalization program, noting the need for more professionalism in the management of the program.

The association continues to support the program of naturalization of foreign investors against an investment of € 2 million, says Mr. Vakis, arguing that the latest developments around the program and the disclosure of investors' names for whatever reason have damaged its prestige. Of Cyprus.

Mr. Vakis said that "the position of the association is that the program should not be abolished, because every state has the right to implement the measures or policies it believes are right." Indicating that "it should start managing the program as a whole with more professionalism. "

He noted that "perhaps what we should promote as a provision through the program, is a part of the total amount that the foreign entrepreneur invests in investing in companies either his own or in cooperation with other entrepreneurs so that we can create growth as is the goal we have set as a liaison in partnership with the state. To bring companies to Cyprus and to develop new companies based in Cyprus. They do not need to be based only in Cyprus ".

Indicatively, he stated that "if a foreign businessman should invest € 2 000 000, he could invest € 1 000 000 in real estate and the other in a business of his own or cooperation with other Cypriot businessmen".

At this point, he suggested creating a committee or assignment to CIPA or another competent service that will undertake to encourage and inform entrepreneurs about the options available for companies in Cyprus.

Что не хватает кипрской программе

According to Mr. Vakis, this will contribute to the solution of another problem, that the investor does not live in Cyprus. "The introduction of this provision will ensure the physical presence of the foreign investor in Cyprus," he said, noting that "we want those who love this place and not just those who seek only Cypriot citizenship."

Asked if the annual Cypriot passport ceiling should be reduced below the current 700 passports, he said that "the number may be reduced, but the multiplier effect will be greater if we choose the right investors. "To formulate the program to target the right investors," he pointed out.

Mr. Vakis described as satisfactory the new criteria approved by the parliament in July, emphasizing that it is essential that these criteria are implemented and monitored.

"There should be a specialized team in the right places and with the suitable computer systems, which will undertake to monitor the naturalization process, not only during the examination and granting of citizenship, but also after one obtains citizenship. It must be ensured that it has fulfilled the obligations it has undertaken in the context of its naturalization. "

Simultaneously, it must protect and ensure investor information confidentiality so that it is not leaked to the outside world, as was the case with the leak of documents to Al Jazeera, which damaged Cyprus' prestige. 

Avoiding comment on the leak, he said: "We should wait for the conclusion of the investigative committee, noting, however, that" if the criteria are not applied, and their implementation is not monitored, then we will be responsible for whatever happens. "

Answering another question, he said that members of the association had contacts with investors and law firms, adding that "we must not forget that with the differentiation of the criteria, the professionals who come in contact with investors must have a special license. So they should be supervised themselves.

Source: stockwatch.com.cy
Photos: pixabay.com
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