Cyprus Citizenship Programme raises €6 billion

The number of passports issued to foreign investors in the last 10 years has passed the 3,000 mark according to the Cyprus News Agency. The figures were submitted in official data released to the Cypriot parliament. It means total investment into the economy through real estate is in excess of €6bn since the start of the programme.

The Cypriot Citizenship by Investment programme has gone through several iterations during this time reducing last year to a €2 million investment in real estate to qualify for citizenship for the investor and his/her family.

The Cypriot Parliament recently voted (by 33 to 4 votes) against a proposal to release names of investors who had obtained citizenship through investment in Cyprus.  The programme continues to enjoy strong support from the government and opposition parties because of its importance to the economy. The names of prospective Cypriots are published in local newspapers ahead of approval in order that anyone raising objections can do so in a written report to the ministry ahead of granting citizenship. The Commissioner for Personal Data Protection, Irini LoizidouIt stated there was no legal basis to publish such names after approval.