RBS expert commented on the Cyprus Citizenship by Investment program suspension.
The Cyprus Citizenship by Investment program is on hold.
Starting on the 1st of November, the Cyprus government shuts down “The Golden Passport” program, which allowed for Russian citizens to acquire Cyprus citizenship in exchange for their investments.
Our expert Pavel Rusetsky, Head of Practice in the RBS Legal Division, explained to RBC reporter the consequences of the program suspension. Pavel also emphasized that although the “Golden Passport” cancellation does not apply to those who already applied for citizenship, it is important to pay attention to the actions pursued by the Cyprus Government in order to fight corruption.
Applicants for citizenship should fully disclose the provenance of the investment capital. In the context of the anti-corruption policy, concealing the circumstances may raise the suspicion and lead to citizenship revocation even in the case when an investor legally acquired ownership of the assets.
Read more on the RBC website.
