In­jec­tion of 2 bln from cit­i­zen­ship and res­i­dency deals

Financial Mirror (Cyprus) - - FRONT PAGE -

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.

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