Cyprus is at the centre of controversy surrounding the issuing of passports to wealthy foreigners. The passports transform their holders into European citizens, allowing them to live and work within the Union.
Do you want an EU Cyprus passport before Brexit?https://t.co/xkUkLtauBn #investment #cyprus #brexit #passport pic.twitter.com/tYkJSh05Xd— ProACT Expat Experts (@ProACT4Expats) August 14, 2017
According to UK newspaper, the Guardian, the country has received over 4 billion euros since 2013 by granting “golden visas” to the super rich, in exchange for cash.
Wealth the only factor
Under the terms of the citizenship-by-investment scheme, applicants have to place 2 million euros in property, or 2.5 million euros in companies or government bonds. Surprisingly, there is no language or residency requirement apart from a visit once every seven years.
Passport to a luxury life #cyprus #investment #passport #property https://t.co/34FF87J2tb— Mutual-Trust (@MutualTrustCy) September 18, 2017
More worrying for the EU: it is not clear what security and due diligence checks, if any, are carried out as part of the scheme.
One 2010 recipient of a Cypriot passport was Rami Makhlouf, the cousin of Syrian president Bashar al-Assad. He was placed under sanctions by the US in 2008 following accusations that he had benefited from corruption. It is unclear what checks the country carried out at the time of his application. His Cypriot citizenship was subsequently revoked.
Concerns in Europe
The European Commission has ordered its own inquiry into security concerns, and the matter will be debated when an amendment tabled by Portugese MEP, Ana Gomes, comes before the European Parliament later this year.
Do you want an EU Cyprus passport before Brexit?https://t.co/xkUkLtauBn #investment #cyprus #brexit #passport pic.twitter.com/tYkJSh05Xd— ProACT Expat Experts (@ProACT4Expats) August 14, 2017
According to UK newspaper, the Guardian, the country has received over 4 billion euros since 2013 by granting “golden visas” to the super rich, in exchange for cash.
Wealth the only factor
Under the terms of the citizenship-by-investment scheme, applicants have to place 2 million euros in property, or 2.5 million euros in companies or government bonds. Surprisingly, there is no language or residency requirement apart from a visit once every seven years.
Passport to a luxury life #cyprus #investment #passport #property https://t.co/34FF87J2tb— Mutual-Trust (@MutualTrustCy) September 18, 2017
More worrying for the EU: it is not clear what security and due diligence checks, if any, are carried out as part of the scheme.
One 2010 recipient of a Cypriot passport was Rami Makhlouf, the cousin of Syrian president Bashar al-Assad. He was placed under sanctions by the US in 2008 following accusations that he had benefited from corruption. It is unclear what checks the country carried out at the time of his application. His Cypriot citizenship was subsequently revoked.
Concerns in Europe
The European Commission has ordered its own inquiry into security concerns, and the matter will be debated when an amendment tabled by Portugese MEP, Ana Gomes, comes before the European Parliament later this year.
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