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Quotas for issuing passports to investors

07.09.2017

The Cypriot authorities are considering the possibility of imposing restrictions on the issuance of passports to foreign investors.

The Republic of Cyprus is popular with foreign investors as a country for permanent residence and business. Cyprus is one of the most attractive destinations for obtaining a second citizenship. The country is known for its political and legal systems based on English law, as well as very favorable business conditions for taxation. Given the excellent price-quality ratio for real estate and a favorable tax system, Cyprus seems to be a very lucrative residence for foreign investors.

Recall that by decision of the Cypriot government of May 24, 2013. The state passport program was adopted, which gives an opportunity to obtain Cypriot citizenship under certain conditions of investing in the economy and real estate sector of the island. Under this program, more than 1,500 foreigners received Cypriot citizenship.

At the moment, Cyprus is not ready to abandon the scheme of granting citizenship in exchange for investments and at the same time, it is likely that the Cypriot authorities will introduce annual quotas for the issuance of passports.

This introduction can be perceived by foreign investors as a call to "take turns".

For more information, contact the specialists of Relux Estates!

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