Cyprus has now officially suspended its Citizenship by Investment Program (CIP), which granted Cypriot citizenship to wealthy investors. The suspension is related to allegations that senior officials were involved in attempts to bypass strict vetting rules and issue a passport to someone with a criminal record.
The program has attracted many foreign investors because a Cyprus passport automatically grants its holder citizenship access to the entire 27-member European Union. Around 4,000 Cypriot passports have been issued to investors under the program, generating more than 7 billion euros ($8.25 billion) for the Cyprus economy.
The suspension of the Cyprus CIP will likely generate interest in alternative programs such as Malta, Turkey, and Montenegro CBI’s.
Many employers and growing industries in Manitoba are becoming reliant on expertise and talent from foreign skilled workers, as the worker-to-retiree ratio narrows and birth rates stabilize or fall.
With the Suspension of the Cyprus CIP, investors are looking toward alternative programs such as Malta, Turkey and Montenegro. Learn more about these programs or contact us for assistance today.