Georgiades: Changes to Golden Visa Scheme will not Impact Cyprus Economy

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Cyprus Finance Minister, Mr Harris Georgiades has commented on the island’s citizenship-by-investment programmes impact on the economy and has stressed that the schemes contribution to growth over the last three years was minimal.

The cabinet have recently tightened procedures for applicants after being criticised by the EU for lacking transparency. Speaking at the cabinet meeting, Mr Georgiades quoted that income from the scheme only accounted for 1.2% of overall economic growth (merely 13 percentage points), so even though the scheme may see less applicants, the economy will not be impacted negatively he reassured.