Αssociated Press reports from Nicosia that Cyprus says it is introducing tougher anti-money laundering checks in its “golden passports” program, under which it gives citizenship to foreigners who invest large sums in the east Mediterranean country.
Interior Minister Nicos Nouris announced Wednesday that the government is following through on a pledge to beef up eligibility criteria in the so-called ‘golden passport’ investment program, which has brought in billions in revenue since its introduction following a 2013 financial crisis.
He said the anti-money laundering rules will be used to bolster the vetting of prospective investors. The new rules will come into force following parliamentary approval.
A new clause will make it easier for investors who are either involved in or have been sentenced of a serious crime to have their Cypriot citizenship revoked.
Investors will still need to sink 2 million euros ($2.28 million) into the Cypriot economy and buy a 500,000-euro ($569,000) home plus tax.
But Nouris specified that under the new rules, investors will have a wider array of investment choices, like buying up stock in Cypriot companies. Investors will also have to pay a 150,000-euro ($170,500) application fee, with the money earmarked for Cyprus’ housing and entrepreneurship programs.
Read the full report at thenationalherald.com
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