Injection of 2 bln from citizenship and residency deals
Cyprus has earned EUR 2 bln from granting Cypriot citizenship and residency permits to foreigners boosting the economy as many have also invested property.
During a parliamentary review of the audit service report of the Ministry of Interior for 2013, Interior Minister Socrates Hasikos told MPs the revenues from granting Cypriot citizenship exceeded EUR 2 bln, noting that these funds were a considerable financial injection.
According to Hasikos, these foreigners acquire Cypriot citizenship but have income from abroad.
The minister avoided to give further details on the issue citing privacy issues.
“The Republic is under pressure to stop this policy, so we need to keep a low profile”, he said.