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Cyprus 'golden passports' scandal still stirs up Cyprus

2020-10-19T19:03:50.219Z


Around 4,000 foreign investors, not all of them blameless, have secured a controversial European sesame.This is undoubtedly a case that Cyprus would have been doing well at the moment. The open threats from Turkey, which wants to extend its maritime influence throughout the region, alone should have mobilized the authorities. But another thorny issue is added: the scandal of golden passports. The procedure, initiated in 2007, is simple: it allows wealthy investors to obtain a European passport, in t


This is undoubtedly a case that Cyprus would have been doing well at the moment.

The open threats from Turkey, which wants to extend its maritime influence throughout the region, alone should have mobilized the authorities.

But another thorny issue is added: the scandal of golden passports.

The procedure, initiated in 2007, is simple: it allows wealthy investors to obtain a European passport, in the Cypriot case, by purchasing real estate worth 2.5 million euros.

The practice exists in a few European countries, including Portugal, which has granted some 22,000 in ten years, but the laxity of the Cypriot authorities has allowed a number of dubious investors to obtain a European title, without the need to reside in the island.

Most of them have never set foot there and go through specialized law firms, which are flourishing in Cyprus.

“This practice reached its peak in 2013, when the island was beginning to emerge from a painful economic and banking crisis.

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Source: lefigaro

All news articles on 2020-10-19

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