Cyprus is preparing new rules for issuing "golden passports"

Apr 18, 2020
Cyprus is preparing new rules for issuing "golden passports"
The Ministry of Finance of Cyprus agreed on a scenario for overcoming the crisis, which may intensify due to the pandemic. It also estimated that this would require 3.6-5 billion euros.

The new rules establishing the conditions for granting citizenship in the interests of society will help circumvent the current strict requirements approved under pressure from the European Parliament. They will be represented in parliament after Easter. The project has already been tested by a special committee of three people responsible for monitoring the procedure for obtaining citizenship. Once approved, the applicants’ verification process will greatly accelerate. Currently 700 applications are pending.

Many political parties with the outbreak of the pandemic immediately suggested that the head of the Ministry of Finance use the old proven scheme. They claim that the "golden passports" will bring the budget about 1 billion euros. And besides, they will help restore the construction sector to past performance. According to the Ministry of Finance, since 2013 the citizenship scheme for investments has brought the country a total of 6.6 billion euros (1.2% of GDP)

Thus, the scheme for issuing ’golden passports’ may become a ’lifeline’ for the eco-economy of Cyprus. On the contrary, on the part of the European Union, such an initiative of the government of Cyprus was met with dissatisfaction. Which, in turn, has long been putting pressure on Nicosia, demanding the cancellation of these programs.
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