The developers turned to the president of Cyprus

developers

On June 11, a meeting of representatives of the Cyprus Association of Builders with the head of state Nikos Anastasiadis took place in the presidential palace in Nicosia. They basically talked about the scheme of issuing Cypriot passports to foreign millionaires in exchange for investments, which, for the most part, are invested in the real estate sector. Developers are dissatisfied with the tightening of requirements for rich foreigners and urge to deal with them softerly. During the meeting with Anastasiadis, the developers were concerned about how to balance the interest between the increased level of requests for the purchase of real estate by foreign millionaires and the requirements of the EU to toughen checks of candidates for citizenship of the Republic of Cyprus in exchange for investment.

OFFERS OF DEVELOPMENTS. According to SigmaLive, developers presented the following proposals to the President: To revise the decision – in the direction of increase – about the introduction of a restriction on issuance of passports to foreign investors on the accelerated naturalization scheme (not 700 passports maximum per year, and more).

PREDICTURE. In the autumn of 2017, the authorities of the Republic of Cyprus have been criticized by a number of European media and politicians in connection with the “sale” of Cypriot passports to Russian and Ukrainian oligarchs. In the beginning of summer 2018, the Government of the Republic of Cyprus announced the tightening of the verification process for potential investors who are ready to invest in the economy of Cyprus funds in exchange for citizenship. A ceiling was introduced for the number of passports (a maximum of 700) that can be issued to foreign investors during the year. Revise the deadlines – in the direction of reduction – when considering the claims of foreign millionaires (recently, the time to study candidates and conduct checks on funds invested in Cyprus has been increased from three to six months).

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