The cyclone's program for granting citizenship in exchange for investment was found in the eye of the storm. The only thing that is certain, however, is that it contributed significantly to the inflow of capital in times of crisis as well as to the recovery of the real estate sector.
Antonis Antoniou, Executive Director of Giovani Developers spoke about the government's naturalization program in the new issue of Gold magazine, which is published on Sunday, March 18.
«Cyprus was the country in Europe that introduced the naturalization plan against investment in 2011. It was then a revolutionary move and those who wanted to benefit from the plan had to spend more than € 10 million. The plan has been changed and adapted to the needs of investors. There are currently 11 similar programs around the world and Cyprus has one of the most successful programs.
It is our right to continue the plan, but I am afraid that the plan will be cannibalized by some until one of our competitors introduces a better and more attractive plan.
My personal view is that the media have a great responsibility to protect the plan, which has proved to be the savior of the economy. They should help the public recognize that people with high financial strength are not a threat to the country. They are not here to compete with us, but to have access to a privilege not offered by their country of origin».
Source: Excerpt from the issue of Gold magazine