Today: November 18 2018
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Cyprus banned the use of the expression "passport for sale"

Cyprus banned the use of the expression "passport for sale"

July 12 2018 LJ cover – Кипр запретил использование выражения «паспорт на продажу»
Tags: Cyprus, Citizenship, Documents, Investments

The Government of the Republic of Cyprus has published a number of guidelines for companies that engage in attracting foreign millionaires under the "Passport for Investment" program. Henceforth during advertising campaigns it is forbidden to use the terms "accelerated procedure" for obtaining citizenship and "passport for sale", as well as the coat of arms of the Republic of Cyprus and the emblem with 12 gold stars of the European Union.

Criticism of the scheme of "golden visas"

For the last year and a half, Cyprus has been severely criticized for the sale of passports to foreign millionaires, which the press calls a "golden visa" scheme. The media, mostly British, accuse Cyprus of selling passports to wealthy foreigners, including Russian oligarchs.

Some intermediaries, in an attempt to attract new customers, posted on their advertising banners information that created the false impression of investing a certain amount of money for a certain period of time in exchange for a Cypriot passport.

The government of the Republic of Cyprus was forced to respond to criticism by tightening the rules for granting citizenship to foreign millionaires, and by introducing strict limits for the work of companies specializing in providing intermediary services in the process of attracting investors.

New rules of work of intermediaries

The Cabinet of Ministers of the Republic of Cyprus has published rules for companies engaged in attracting foreign investors in the framework of the "Passport in exchange for investment in the economy of Cyprus" program. The authorities created a supervisory committee for the activities of intermediaries. Companies and private agents were required to register.

Henceforth, during advertising campaigns it will be forbidden to use such terms as "accelerated procedure" for obtaining the citizenship of the Republic of Cyprus or "passport for sale", as well as an image of the emblem of the Republic of Cyprus and emblems with 12 gold stars of the European Union.

Any mention of the [investment] program should be accompanied by information posted on the websites of the Ministry of the Interior and the Ministry of Finance, as well as on the website of Invest Cyprus, the government said.

Information (in English) on the requirements for foreign investors and the procedure for obtaining the citizenship of the Republic of Cyprus, you can find:

  • on Online Invest Cyprus (PDF file)
  • on Online Migration Department of the Ministry of Internal Affairs

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