Cyprus: Cyprus Passport for Investments Scheme Tightened

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Cyprus: Cyprus Passport for Investments Scheme Tightened

Cyprus parliament have passed a Bill which tightens the eligibility criteria for those applying under the Cyprus Passport for Investment Programme. One of the new conditions involves making the transfer of €100,000 to be transferred to 2013 Bailed Out Compensation Fund, to compensate those who lost savings during the 2013 Financial Crisis in Cyprus.

Cyprus has managed to recover from the crisis quickly partly due to the Cyprus Passport for Investment Programme which brought fresh moneys into the economy. During that time, Cyprus has experienced an increase in foreign businesses setting up the foot in Cyprus to establish the substance and benefit from the advantages of the Cyprus tax system.