“Hot” money in excess of €2, 5 billion flowed in state funds until today of the naturalization programs which are implemented by 2013.
According to the government programmes, the state provides Cypriot citizenship to foreign and big investors when they have deposited in the banks deposits of €5 million, buying stocks and bonds or buying real estate by € 300,000 after ensuring they have income in abroad and they do not work in the island.
Upon presentation of the budget of Ministry of Interior in the Parliamentary Finance Committee, the Minister Socrates Hasikos said that the state has secured in excess of €2, 5 billion by naturalization of foreigners for purchasing real estate and investments.
As he said, the programme will help the Republic of Cyprus in most difficult times because the naturalization is combined with investments, the purchasing of real estate, the deposits and shares in companies.
“All these,” he said, “helped the economic sector” adding that the programme worked.
According to the Minister there are strong pressures from the European Union for changing the criteria of the programme, noting that “the programme has not been abandoned but it is being made an effort to be kept because we before the EU was stating that were providing passports due to the crisis and memorandum.
Mr. Hasikos avoided mentioning the number of foreigners naturalized and merely said that the number is large.
He assured that there is no transparency issue, stressing that the parliament is sending to parliament a list of naturalizations made but not namely for privacy of personal data.
“We do not provide” he said “licenses to terrorists or drug traffickers” assuring that thoroughly checks are made before a naturalized foreigner.
