Insider Economy Strict controls to be implemented on Cyprus' Investment Programme - Spokesman

Strict controls to be implemented on Cyprus’ Investment Programme – Spokesman

There is already a decision for very strict controls, Government Spokesman Prodromos Prodromou has said, referring to Cyprus` Investment Programme.

The Spokesman was invited to comment on the conclusions of the European Parliament`s Special Committee on Financial Crimes, Tax Evasion and Tax Avoidance (TAX3). The numerous findings and recommendations say i.a. that “seven EU countries (Belgium, Cyprus, Hungary, Ireland, Luxembourg, Malta and The Netherlands) display traits of a tax haven and facilitate aggressive tax planning” and that “golden visas and passports should be phased out, with those offered by Malta and Cyprus singled out for their weak due diligence”.

“I do not know whether the Members of the European Parliament are fully aware of the measures by which the Republic of Cyprus asserts that this is not an occasional passport or citizenship allocation but a specific program which will not only include investment cases”.

Prodromou pointed out that the programme is being improved.

“It is not simple and easy, but there is already a decision to apply very strict controls on the qualitative elements of the applications that will be approved,” he said.

As regards tax, he said that the Republic of Cyprus has made big steps in recent years. He explained that Cyprus has met the criteria set by international inspections, such as Moneyval and other criteria by the OECD, in order to modernize the system. He added that it excludes with very strict controls – stricter than many other Member States – practices and methods of trading that may have left room for illegal actions, either for money laundering or for international terrorism and other.

He also recalled important decisions taken in Cyprus` banking system in order for “things to be clear”.

This opinion of the European Parliament, he said, concerns a set of countries and added that it is subjective to say that they have a favorable tax treatment. He also said that there is an international competitiveness to attract companies, activities across the European area.

Prodromou said that the government examines very seriously all European directives and guidelines and meets its obligations and responds to what is needed to improve the country.

(Cyprus News Agency)

Read more:

Top Stories

143 new cases of COVID-19, one death announced on Wednesday

The Health Ministry announced the death of one person due to COVID-19. This raises the death toll from the virus in Cyprus to 231,...

Spa uses thermal water to help recovering Covid patients

A thermal baths spa in the city of Pisa, where a day to unwind and relaxation is not possible due to Covid restrictions, is...

Fire in Limassol, near Koilani village

The Fire Service in Limassol has been mobilized after a fire broke out in a hard to reach area of Koilani village, According to the...

Truck collides with van; One person in hospital

An accident occurred at the old Nicosia-Limassol road when a truck collided with a van and as a result one person was injured. According to...

More than 64,000 vaccinations in Cyprus.

In an announcement, the Health Ministry noted that Cyprus is moving ahead toward the completion of one of its main targets, regarding the vaccination...


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...


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...