Cyprus Parliament voted to tighten the issuance of "golden passports"

Cyprus Parliament voted to tighten the issuance of "golden passports"

From January 31, 2020, investors will find it harder to obtain the “golden passports” of Cyprus. The law tightening the provision of such documents was supported by 29 deputies, 17 parliamentarians opposed

Ayia Napa, Cyprus (Photo: Petros Karadjias / AP)

Cyprus Parliament voted for the bill, toughening the issuance of so-called gold passports to investors, the Cyprus Times reported. So called passports and residence permits, issued in exchange for investment in the economy.

29 deputies voted for the law, against - 17. It will come into force on January 31, 2020, until that time, the Cyprus authorities must work out the rules for granting Cypriot citizenship. Voting was preceded by lengthy discussions, during which opponents of the bill indicated that it would impede investment.

According to them, there are sectors of the economy of Cyprus, which require additional investments, such as agriculture and research, but the authorities are limited only to the construction of luxury housing in the country, for example, towers in the city of Limassol. Supporters of the law indicated that it was intended to "protect the integrity of Cyprus."

In the European Union, three countries - Bulgaria, Cyprus and Malta - issue golden passports to foreigners. To obtain such a document in Malta, it is necessary to contribute € 650 thousand to the national investment fund and another € 150 thousand to the economy, and it is necessary to purchase or rent real estate. The Bulgarian “gold passport” will cost € 1 million, Cyprus’s - from € 2 million, you also need to buy real estate.

In January, the European Commission prepared a report in which it pointed out the risks of providing "gold passports" that may contribute to money laundering, corruption and tax evasion. The European Commission also pointed out the risks to the security of the European Union, because thanks to such programs, organized criminal groups can get there. The report emphasized that Cyprus, Malta and Bulgaria do not provide complete information about the identity of investors who are granted citizenship.

Russians become leaders among foreigners who received Cyprus passport

Russians become leaders among foreigners who received Cyprus passport

In 2017, 5,517 people acquired Cyprus passports, most of them are Russians (more than 1.3 thousand people), followed by the British and Ukrainians. In early 2019, the Cyprus authorities tightened the provision of citizenship to investors

Photo: Yiannis Kourtoglou / Reuters

The Statistical Office of the European Union (Eurostat) has published data on the number of foreigners who received European citizenship in 2017 - this is about 825 thousand people. In 2016, this figure was 995 thousand people, in 2017 - 841 thousand

The most numerous group, which was given passports of the EU member countries, were Moroccans - almost 68 thousand people, 83% of them received citizenship of Italy, Spain and France. Albanians follow (almost 59 thousand, 97% of them received passports of Italy and Greece) and Indians (31.6 thousand people, 53% became citizens of Great Britain).

Then come the Turks (almost 30 thousand people, more than 50% received German passports), Romanians (25 thousand, of whom 32% decided to obtain another EU citizenship, in particular Italian), Pakistanis (23.1 thousand, 45% became citizens of Britain), Poles (22 thousand, 63% received another EU citizenship - British and German) and Brazilians (21.6 thousand, 74% of them received passports of Portugal and Italy).

Most of the passports for foreigners were issued in Italy (146.6 thousand), then in Britain (123.1 thousand), Germany (115.4 thousand) and France (114.2 thousand). In 2017, over 5.5 thousand people received Cyprus citizenship, of which 23.8% (1313 people) were Russians, 9.1% (502 people) were British, and 8.7% (479 people) were Ukrainians.


In February 2019, the Cypriot parliament voted for a bill to toughen the issuance of so-called gold passports to investors, which, like a residence permit, can be obtained in exchange for investment in the economy of the republic. It will take effect from January 31, 2020.

In the same month, the Cyprus authorities tightened the conditions of the program for issuing citizenship for investments, now investors need to make an additional contribution of € 150 thousand. Since 2013, 1864 applications have been approved for this program, not counting the applicants' family members, the total investment amounted to € 6.6 billion