Cyprus Ready for Scrutiny of Golden Visa Scheme

As Politis reported on Tuesday, March 6th, Finance Minister of Cyprus announced that the government is ready to provide information related to the controversial scheme of obtaining citizenship through investments, and carefully analyse it in conjunction with other European Union member states.

The scheme allows overseas investors to acquire the citizenship of Cuprus within several months, investing "only 2 million" euros in assets or companies, or real estate.

According to official figures, since 2008 to 2018 the schemehas allowed 1,685 foreign investors and 1,651 members of their families to acquire the Cyprus citizenship.

A week ago, the representative of the European Commission said that it was planned to conduct a study of this scheme, which is also being implemented by several other EU member states. This decision was made after reports on the sites of the Organized Crime and Corruption Prevention Project (OCCRP.org) and The Guardian, prompting anti-government company Transparency International to warn that "golden visas" undermine the fight against corruption and increase the risk of money laundering.