Updated Time 17 Dec, 2019, 09:17 (UTC+08:00)
Cyprus Investment scheme is expected to break all records in 2019 in terms of number of passports issued.
According to the data collected by Stockwatch, already 550 passports have been issued up until 2019, compared to 581 passports issued for investment in 2018.
Since the introduction of new rules for Cyprus Investment Program (CIP) imposing schengen visa requirement and removing Government bonds option, there has been a slowdown in the investment activity in Cyprus especially in property sector.
Property sales also dropped 6.6%, especially in Limassol and Famagusta facing the crunch. The Land registry office data reveals there is slump non-EU nationals buying real estate in Cyprus.
“Since May, tens of passports have been issued compared to the hundreds issued earlier”, reported Financial Mirror.
Cyprus Land Development Agency and the Research and Innovation Fund has received € 675,000 from just nine applications processed under the new criteria, reported Stockwatch
Despite all the decline, the number of passports issued under the investment scheme is expect to surpass all the previous years, breaking all records.
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