Cyprus’ Golden Visas: The Asset Has Become A Liability

Cyprus’ Golden Visas: The Asset Has Become A Liability

After the financial crisis of 2009-2013 that led to a haircut on deposits of more than $8 billion, Cyprus introduced a "golden visas“ scheme in order to exit recession. Indeed, the scheme significantly helped the country's economy to return to positive growth rates in just three years. It also helped companies in the real estate and construction sectors to deal with huge amounts of non-performing loans. This happened because the Cyprus Investment Program (CIP) -as it is called officially- is designed in such a way, that most of the investments made by wealthy foreigners to obtain the country's passport, are in the real estate sector.

Nikos Nouris defending the Cyprus Investment Program during a recent press conference



www.pio.gov.cy

In just a few years,