Insider Business Register set up for passport scheme advisors

Register set up for passport scheme advisors

As from the end of the month only registered service providers will be able to submit applications under Cyprus’ citizenship for investment scheme, Phileleftheros reported on Friday.

It said that the Council of Ministers had decided to set up the special register as part of measures to close loopholes in the citizenship by investment scheme, and to counter criticism that Cyprus was ‘selling’ passports.

Service providers started registering last month with the Committee of Supervision and Control that is  made up of representatives of the Finance and Interior Ministries and Invest Cyprus.

As from July 31, individuals and companies offering such services and who are registered will have to accompany applications with a sworn statement on behalf of the service provider and the applicant.

They must also submit a report following due diligence of every applicant in line with the code of conduct.

Cyprus’ passport scheme has been credited with generating billions and helping revitalise the property market. But it has also come under scrutiny from the EU. Cyprus recently imposed a 700 passport annual cap as it moved to tighten up the scheme to stave off criticism.


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