The Cypriot authorities are considering thepossibility of imposing restrictions on the issuance of passports to foreigninvestors.
The Republic of Cyprus is popular with foreigninvestors as a country for permanent residence and business. Cyprus is one ofthe most attractive destinations for obtaining a second citizenship. Thecountry is known for its political and legal systems based on English law, aswell as very favorable business conditions for taxation. Given the excellentprice-quality ratio for real estate and a favorable tax system, Cyprus seems tobe a very lucrative residence for foreign investors.
Recall that by decision of the Cypriot government ofMay 24, 2013. The state passport program was adopted, which gives anopportunity to obtain Cypriot citizenship under certain conditions of investingin the economy and real estate sector of the island. Under this program, morethan 1,500 foreigners received Cypriot citizenship.
At the moment, Cyprus is not ready to abandon thescheme of granting citizenship in exchange for investments and at the sametime, it is likely that the Cypriot authorities will introduce annual quotasfor the issuance of passports.
This introduction can be perceived by foreigninvestors as a call to "take turns".
For moreinformation, contact the specialists of Relux Estates!