The CyprusInvestment Programme, which allows wealthy foreigners to obtain an EU passportfor investments of at least 2 million euros, was again subjected to criticismfrom the European Union, but the government refuted their demands.
On April 1,EU member states sent a request to stop using such programs.
According tothe Minister of Internal Affairs Nikos Nuris, there is no intention toterminate the program: “With the measures that were taken after May 2019, wesee no reason why the program should be stopped, but checks are now beyond thescope.” According to reports, the EU also called for the development of a plandetailing the phasing out of operations, with a possible final closure of thescheme as a whole.
Accordingto the EU representative, the Commission recently sent another round ofrequests for programs to the Cypriot, Bulgarian and Maltese authorities.Questions were raised regarding the timing when the Covid-19 pandemic threatensthe economy of Cyprus and the bloc.
Proponentsof citizenship on an investment program say it stimulates the economy andcreates jobs. Critics, however, say the program is riddled with corruption andcreates serious imbalances in key sectors such as housing and construction.
You maylearn more about the Cyprus Investment Programme from Relux Estatesspecialists!