Cyprus: greater transparency on citizenship by investment

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The citizenship by investment scheme was set up by the Anastasiades government and was introduced in order to appeal and attract funds from abroad when Cyprus was in a deep recession.

Although, MP Pavlos Mylonas has requested that the committee involved must make it completely clear if anyone involved in politics owns such businesses.

In addition, the matter of granting citizenships was initiated by the Greens MP, Giorgos Perdikis, who stated that over 1,600 people have been naturalised over the past 7 years since 2011. This was under the initial plan to attract more investors however there stands to be a lack of transparency.

Moreover, Perdikis expressed his concerns that the plans are not authorised by the parliament, information is not shared with MPs and some of the documents are not filed with the House at the same time only certain statistics are disclosed to the public.