Cyprus: Lawyers Overshadow Golden Visa Registry

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The task force supervising Cyprus’s Golden Visa scheme recently revealed that the registry of service providers, involves 255 entities and individuals.

The registry is said to include 133 lawyers, law firms, advocates & legal services providers, 20 administrative service providers, 19 accounting, auditing & tax service providers, 19 real estate and land development companies and other corporate, migration and citizen service and consultancy providers.

Following this, the Committee of Supervision of the Cyprus Investment Programme, as it is officially known as, was introduced with a council of ministers’ decision back in June and was tasked with supervising the implementation of the Golden Visa programme. In addition, the registered service providers will have to compete for the maximum 700 Golden Visas that the government will provide to non-Cypriots investing EUR €2 million at least on the island.

Furthermore, registered service providers must comply with a code of conduct which bans them from actively promoting the Cypriot passport as a product and are required to apply specific anti-money laundering practices, including know-your-customer’s – customer.