Stringent controls on selling investor passports

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The Cyprus Government is now revising its citizenship-through-investment system.

This is following negative foreign press and complaints by European politicians. The improvements will mainly concern initiating stricter controls on the intermediaries, who receive a substantial commission as these are either lawyers or real estate brokers.

There will be the creation of a register of certified agents to endorse the scheme with the members being required to abide by an ethical code.

According to credible sources, some agents have been promoting the new scheme abroad in countries that do not permit dual citizenship and so, there will be a clampdown on this. In addition, there will also be specific restrictions to advertising online.

The point in question experienced more affliction as The Guardian newspaper released a story which criticised the government for authorizing citizenship to billionaire Russian oligarchs and members of the Ukrainian high class.

The boost in popularity began after the Cypriot government streamlined its citizenship-through-investment scheme in order to be on the road to recovery after the collapse of the banking sector and subsequent recession in 2013.