Cyprus Investment Programme is at risk again

The Cyprus Investment Programme, which allows wealthy foreigners to obtain an EU passport for investments of at least 2 million euros, was again subjected to criticism from the European Union, but the government refuted their demands.

On April 1, EU member states sent a request to stop using such programs.

According to the Minister of Internal Affairs Nikos Nuris, there is no intention to terminate the program: “With the measures that were taken after May 2019, we see no reason why the program should be stopped, but checks are now beyond the scope.” According to reports, the EU also called for the development of a plan detailing the phasing out of operations, with a possible final closure of the scheme as a whole.

According to the EU representative, the Commission recently sent another round of requests for programs to the Cypriot, Bulgarian and Maltese authorities. Questions were raised regarding the timing when the Covid-19 pandemic threatens the economy of Cyprus and the bloc.

Proponents of citizenship on an investment program say it stimulates the economy and creates jobs. Critics, however, say the program is riddled with corruption and creates serious imbalances in key sectors such as housing and construction.

You may learn more about the Cyprus Investment Programme from Relux Estates specialists!