GOLD Magazine: The Cyprus Citizenship by Investment Scheme

08:59 - 14 Οκτωβρίου 2017

In 2013, at the height of the financial crisis, the Government set up its Citizenship by Investment scheme, with the objective of encouraging Foreign Direct Investment and attracting High Net Worth Individuals to settle and do business in Cyprus. In return for a substantial financial investment, such people would be granted Cypriot citizenship – and with it, a valuable Cypriot passport providing access to the European Union.  Welcomed by many – particularly those involved in the real estate sector and in the provision of wealth management services, as well as potential investors – the scheme has been criticized by others, who view it as nothing less than “selling EU passports”.
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