Cyprus Ministry of the Interior has said that they agree with the recommendations for stricter controls made in the audit report regarding the Golden Visa Program.
However, the Ministry didn’t comment on the fact that an audit service report urged the government to put an end to this scheme.
Emphasising that it has been dealing with streamlining the services since taking up the role as the new government, the Ministry confirmed that it agreed with the recommendations to apply stricter controls for this program, as reported by Cyprus Mail.
The findings recorded in the audit service’s special report had already been identified by the ministry itself when it assumed governance, on the basis of Moneyval’s relevant indications of the risk of abuse that existed due to the weaknesses of the programme. – Ministry of Interior
The Ministry highlighted that in May this year, the cabinet decided to change the criteria in order to streamline the programme and also halt irregular affairs connected to this scheme.
The new criteria require applicants to submit data on an annual basis, proving that the beneficiary still maintains the initial investment and the required income.
In cases where the necessary data is not submitted, his/her and his/her family’s immigration permit is cancelled. – Ministry of the Interior
Based on the new requirements, Cyprus has to provide a clean criminal record from the investor’s country of origin every three years, and also the provision of evidence that the funds for the investment come exclusively from the applicants and their spouse and not by third parties, thus putting to an end to abuses observes through this scheme.
Another measure introduced by the Ministry is intensifying controls on people who benefit from this scheme, so when violations are detected, the visa can be revoked.
Audit Service’s investigation brought into light the involvement of the Golden Visa Programme in several illicit acts. It revealed that up to this point, 5,800 people have benefited from this scheme after making an investment of at least €300,000.
The Audit Service said that the department does not carry out regular controls in order to verify compliance with the criteria after the residence permit is granted. Furthermore, they found that one person was granted a residence permit after providing evidence of an investment made by a relative.
Cyprus is one of the countries in Europe that permit internationals to benefit from the Golden Visa and Golden Passports programs, thus allowing them to acquire residency and citizenship in this country.
However, authorities in Cyprus abolished the Golden Passport scheme following investigations related to this program.
A report from Al Jazeera called the Cyprys Papers revealed that Cyprus’ Golden Passport program was involved in illegal affairs such as money laundering, tax evasion, and corruption, thus obliging the authorities to terminate this program.
