Cyprus Interior Minister Says Golden Visa Program Is Secure and Strong
Cyprus’ government has improved the security and administration of its citizenship by investment program, Cyprus’ Interior Minister Nicos Nouris recently noted.
The Golden Visa Scheme, an investment scheme often criticized by several European Union Members Countries, has recently been a hot topic after being criticized by NGOs for leading to money laundering, tax and evasion by corrupt public officials and criminals.
But according to Minister Nouris, the security of this scheme in Cyprus has been enhanced .
“The candidates are carefully vetted when they apply, and the providers for the candidates are also vetted. Once candidates are approved, their conduct as residents in Cyprus is reviewed each year for 10 years, and if they break our laws or engage in other undesirable activities, the passport can be revoked,” Nouris pointed out in an announcement.
Cyprus’ Interior Minister considers the application of the anti-money laundering legislation with the programme as another important improvement.
“This is the law approved by the EU and implemented by the banks,” he recently said.
He also notes that “providers of candidates are vetted again every year by a special interior ministry committee.”
“Providers must show that they are respecting the rules,” the minister emphasized.
In the past, only real estate investment was considered was accepted for the scheme, which is another reason why the Cyprus programme had been so widely criticized.
“This is no longer the case. There is a wide choice of investment possible, and we privilege investment that develops young companies, high-tech, the stock market and other businesses – we hope the scheme will bring in funds that support innovation in our country,” Nouris pointed out.
Cyprus’ Golden Visa scheme offers citizenship in exchange for an investment of €2 million (US$2.2 million), including the purchase of a residence worth at least €500,000 ($566,000), in addition to €150,000 ($170,000).
Despite the rest of the changes made in a bid to make the scheme more secure, the financial criteria remain at the same level as previously.
In April, the European Union Commission criticized Cyprus, Malta and Bulgaria for their citizenship-by-investment scheme, during a video-hearing of the Committee on Civil Liberties, Justice and Home Affairs (LIBE).
Earlier in April, the Golden Witness report stressed that several European Union countries have not set up adequate beneficial ownership registers, which aim to curb money laundering and other illegal financial movements.
In March last year, the European Parliament members had adopted a recommendation urging EU countries running golden visa and passport schemes to put them to an end.
Last year, On February 27, Members of the European Parliament from the European People’s Party group had demanded the abolition of the Golden visa schemes.
In a meeting, the Special Committee on Financial Crimes, Tax Evasion and Tax Avoidance (TAX3) had adopted several recommendations towards tackling financial crimes. In the meeting, MEPs from the EPP had said that Golden visa schemes pose a security threat to the EU.
