Cyprus has not processed any passport applications of a foreign investor since January, pending the approval of tougher criteria regulating the Citizenship for Investment Scheme.
The Cyprus citizenship by investment programme, which enables well-heeled foreigners to obtain an EU passport for investments of at least €2 million, has come under fire again from the European Union.
New criteria for those wishing to obtain a Cyprus passport through the much criticised citizenship by investment scheme will come into force next week and will include due diligence checks on applicants.
New applications for Cypriot passports under the island's 'citizenship-by-investment scheme' (aka passport-for-cash scheme) are falling, possibly as a result of the stricter rules introduced in May.
