With only 3% of loan defaulters applying for the government's ESTIA debt relief scheme, economics professor Stavros Zenios from the University of Cyprus, tweeted the scheme is "failing BIG time."
Cyprus' property developers and other stakeholders are concerned over the future of the construction industry as the Citizenship for Investment Scheme appears to be reaching saturation.
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.
Although initially attracted to Cyprus by the 'citizenship by investment' scheme, a banking source has said that we are seeing a decline in one-off buys with east Asian investors now focussing on investments requiring financing.
There are opportunities for those living in Cyprus to the reduce their energy costs through a new energy saving scheme that encourages the use of renewable energy sources and energy saving in households.
Changes to Cyprus' controversial citizenship-by-investment scheme, which has granted 1,864 citizenships and generated €6.6 billion of foreign investment, have been approved by the Cabinet.
The Fiscal Council has warned that overreliance on the Passports for Cash Scheme aka Citizenship by Investment Scheme aka Golden Visa Program could bring 'Dutch disease' to Cyprus.
The Council of Ministers has decided to restrict the number of citizenships granted under the ‘Citizenship by Investment Scheme', aka ‘Golden Visa Program’ aka ‘Passports for Cash Scheme’ to 700 a year.
There are opportunities for those living in Cyprus permanently to increase the energy saving of their homes through the "I Save I Upgrade" grant scheme, which is co-funded by the European Union and the Cyprus Government.
Transparency in the ‘Citizenship by Investment Scheme’ aka ‘Golden Visa Program’ aka ‘Passports for Cash Scheme’ will remove the veil of secrecy and silence those accusing Cyprus of trading in naturalisations.
The Cyprus government has approved a revised citizenship-by-investment scheme designed to further encourage investments in the island's economy by non-Cypriot businessmen and investors.
The 'Citizenship by Investment' programme for foreigners has boosted the Cyprus economy by €2 billion from property sales and investments in the country according to an audit services report.
Earlier today the Council of Ministers announced changes to the criteria by which the citizenship for sale scheme is granted to investors following a statement on the subject issued by the Interior Minister last week.
A pilot scheme that promises to end the problems experienced by expatriates when buying property in other European Union countries has been highly praised by EU parliament vice president Diana Wallace MEP.
