- September 11, 2020
- Posted by: Asif Consulting
- Category: General
Cyprus Citizenship Investment Program tightening up
Rules for Cyprus Citizenship By Investment Program have been officially changed now. Authorities want to save their citizenship by Investment program from criticism of the European Union. Authorities can withdraw citizenship acquired investment within 10 years from the date of naturalisation. Cyprus is 16th on Global Passport Ranking and visa-free entry to 174 countries for the citizens.
Reasons to withdraw citizenship:
1: If an investor commits a serious crime and goes to the prison sentence of five years or more.
2: If in Interpol wanted list.
3: If in the sanction list.
4: If the investor doesn’t meet the eligibility criteria.
Along with these reasons CBI may not comply with moral standards.
The investor can be deprived of citizenship for the sake of public interest. Obnoxious conduct could be the reason or maybe fraud, theft or crimes of sexual nature.
Amendments by Parliament
New amendments by parliament, if managers and firms help the investors for questionable reputation will be fined up to 350,000 Euros. Companies which deal with immigration citizenship market has to go for licencing and reconfirmation of permits. Without bothering such rules they will not be able to work with investors.
After this amendment screening will become even more regular and detailed. The amount of donation will be increased to 200,000 Euros which is non-refundable.
Concessions along with tightening up rules
As investors family members now can apply with him at the same time. Approval of the main applicant is not necessary. Public officials in other countries can apply for Cyprus citizenship after one year of dismissal from the office. Personal information like family members and investment data will be safe and not public. 200 applications have been filed but not processed because waiting for new regulations to be imposed. European Union state offering foreign investors at least investment of 2.15 million Euros into real estate since 2013. About 4,000 passports have been issued and the Republic economy has earned 7 Billion Euros from investors.
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