The Council of Ministers also overcame the criteria set by it in order for a foreign investor to acquire Cypriot citizenship, as shown by the accompanying documents submitted to the House for the approval of naturalizations.
These naturalizations are considered "collective" and involve large investments, as they are characterized, and nationalities are granted to groups of entrepreneurs. It is worth noting that the number of foreigners to whom citizenship is granted each time is kept secret, so neither Parliament can exercise control. The Parliament cannot control whether the group of businessmen who acquire citizenship is five ten or more and whether the "collective" is used as a "vehicle" for the granting of citizenship by way of derogation. It is also noted that in addition to these investors, Cypriot citizenship is granted to their family members.
In about a year, "mass" nationalities were granted in 25 cases of investors, corresponding to about two group nationalities per month.
Citizenships are granted in the framework of the program for "granting of Cypriot citizenship to Cypriot businessmen / investors with exceptional Naturalization based on criterion A.8 (1) (Collective Large Investments) of the Council of Ministers number 76.668 and dated 19.3.2014 based on paragraph (2) of article 111A of the Laws on the Population of the Least 2002-2015- Collective Plan LXXXΙΙ ».
The relevant document accompanying the applications states that according to paragraph (2) of article 111A of the Population Archives Laws of 2002-2015, the Council of Ministers may, under certain conditions as it wishes to determine, allow the naturalization of foreign businessmen and investors as citizens of the Republic of Cyprus, regardless of the time of residence of the foreigners in Cyprus.
It is also mentioned that based on the provisions of the aforementioned legislation, the Council of Ministers with its Decision no. 76.668 and dated 19.3.2014 set the criteria and conditions for the granting of Cypriot citizenship to non-Cypriot businessmen / investors and their family members. Criterion A.8 of the aforementioned Decision provides that the Council of Ministers has the right in special cases, to reduce the criteria of the said Decision A.1 (Investment in government bonds), A.2 (Investment in financial assets of Cypriot companies or Cypriot A.3 (Investment in real estate, development and infrastructure projects) and A.4 (Purchase or incorporation or participation in Cypriot companies and companies) at € 2,5 million for investors who are proven to participate in a collective investment plan, provided the collective investment is at least € 12.5 million.
Also, according to the aforementioned Council Decision, the spouses of non-Cypriot investors, who exceptionally acquire Cypriot citizenship by decision of the Council of Ministers, will be entitled to acquire Cypriot citizenship also by exceptional naturalization and have the right to simultaneous submission. and approval of their application.
The promotion of nationalities is done on the initiative of the Minister of Interior with the consent of the Minister of Finance.
The applicants in question do not meet the provisions of the Population Archive Laws of 2002-2015, because they do not have a seven-year stay in Cyprus.
Source: Phileleftheros / Vassos Vassiliou