Insider Economy Investors will judge Cyprus’ new citizenship scheme

Investors will judge Cyprus’ new citizenship scheme

Two specialized companies providing services on citizenship issues appear to be positive over the recent changes to the Mediterranean island’s citizenship by investment scheme. However, they want to see the response of investors before assessing the impact from the changes.

Arton Capital Vice President Akis Kiratzis told INSIDER that some of the changes are positive and put at ease fears raised by the European Union. He also pointed out how schemes of this kind attract considerable revenue to a country and are tools for economic policy, increasing growth of specific sectors.

Regarding the results of an economic impact study which showed that only 1.2% out of a total of 13% was the contribution of the programme to the economic growth of Cyprus over the past three years, Kiratzis said this figure is low because it does not take into account the impact of an investment years after its registration.

He considers as negative the scheme’s new provision of five years before a property acquired for a specific project can be made available, judging that it will adversely affect the number of applications.

Henley: Investors will be the judge 

Henley & Partners representative in Cyprus, Yiannos Trisokkas, told INSIDER: “the scheme will be judged by stakeholders…we have a unique opportunity in Cyprus to attract real entrepreneurs with great prospects. We need to see how we can make best use of their capital.”

He then gave his own interpretation of the pressures on Cyprus by the European Commission, saying:  “What matters most to the EU is whether the Republic of Cyprus properly checks security and money laundering issues when it comes to citizenship applicants.”

He then welcomed the government’s efforts to maintain the scheme, adding that this industry, especially those who trusted Cyprus, need to be protected.

Despite the competent ministry’s deadline of six months for an application to be reviewed, sometimes the overall timetable exceeds this period and it is one of the scheme’s negatives, he also said.

Top Stories

Man pays 22 thousand fine for trapping and killing dozens of ambelopoulia

  Α sixty three year old poacher in the Nicosia district was fined 22 thousand four hundred euro for illegally trapping and killing 68 songbirds...

26 covid patients at Famagusta General

  Twenty six patients suffering from coronavirus are currently being treated at the Famagusta General, the referral institution for covid-19, as the government is considering...

Low pressure system gradually brings rain (not weekend), as temperatures drop

  A low pressure system is gradually affecting the area, as rain is expected over the next four days, (but not the weekend) with temperatures...

Strong quake kills 24 people in Turkey and 2 in Samos

  Twenty four people were killed in Turkey and two in Greece after a strong earthquake struck the Aegean Sea on Friday, bringing buildings crashing...

166 new cases of COVID-19 on Friday

The Health Ministry announced 166 new COVID-19 cases on 30 October, out of 3,672 laboratory tests, taking confirmed infections to 4,217. The break-down of new...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...