Restrictions on 'citizenship for investment'

Cyprus agency CIAP, engaged in attracting investments, gives a positive outlook regarding the effectiveness of measures taken by the Cabinet of Cyprus regarding the granting of citizenship to non-residents in exchange for investment in the economy of the country. These measures were taken after the EU criticized the Republic regarding the lack of control over potential citizens. Accordingly, new measures are aimed at solving this problem. On average in Cyprus, from 300 to 400 passports are issued for those who have made investments in the amount of 2 million euros.

The above measures included:

ban on advertising of the program “citizenship for investors” in airports and other venues;
creation of a special body whose task is to provide services for the naturalization of investments;
the development of a code of professional conduct for persons who are involved in the promotion of this program to potential investors; a mandatory submission of a written application by the investor and the registered service provider. In this application, the parties undertake to provide the necessary information and follow the established procedure for naturalization.
In general, innovations relate to the process of advertising services that accompany the acquisition of citizenship under the accelerated procedure, which was not previously available. In turn, the criteria for granting citizenship have not changed.

It should be mentioned that the Republic of Cyprus is in the TOP 10 countries, offering a second citizenship for investments.