News Local Cyprus to strengthen safeguards in passport scheme for foreign investors

Cyprus to strengthen safeguards in passport scheme for foreign investors

The Republic of Cyprus is pledging to adopt stricter policies regarding its citizenship for investment scheme, after it was caught up in the eye of the storm over the uncontrolled granting of the Cypriot citizenship to non–Cypriot entrepreneurs/ investors through the “Scheme for Naturalization of Investors in Cyprus.

A vital change being introduced following a recent decision of the plenary session of the House of Representatives, provides for  stricter checks of prospective investors’ intentions, who will now accept the verification of their actual data in order to comply with “strengthened due diligence” obligations. According to a Ministry of Interior official source, the enhanced due diligence report, which is expected to provide a greater level of scrutiny, should be carried out by the Ministry of the Interior, by purchasing services from specialised agencies.

Minister of Interior, Constantinos Petrides, told Phileleftheros that the Republic of Cyprus, by adopting stricter policies regarding the passport issuing programme, is striving to maintain its reputation as a destination of choice for high-quality investors.

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