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

EU’s Borrell in Cyprus for talks on upcoming informal summit on divided island

Visiting EU High Representative for Foreign Affairs and Security Policy Josep Borrell is meeting Cyprus President Nicos Anastasiades around 10 am on Friday. Their talks...

UK’s Boohoo urged to link fashion bosses’ bonuses to improved worker rights

Fashion brand Boohoo should link bosses' hefty bonuses to improved workers' rights instead of simply chasing growth, British lawmakers said on Friday, following reports...

Pope Francis travels to Iraq

Pope Francis waves as he boards the plane for his visit to Iraq, at Leonardo da Vinci-Fiumicino Airport in Rome, Italy.

U.S., UK suspend tariffs in bid to settle aircraft row

The United States have agreed to a four-month suspension of retaliatory tariffs imposed on British goods such as Scotch whisky over a long-running aircraft...

Cyprus to let in Brits with COVID vaccine from May 1

Cyprus will allow British tourists who have been fully vaccinated against COVID-19 into the country without restrictions from May 1, its tourism minister has said. British...

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...