MP MetNikodim has street named for in Greek Cyprus

[Barbara]

By the way, the UK Independent was purchased in March 2010 by Russian tycoon and former KGB agent Alexander Lebedev.

Meanwhile about Greek Cyprus, the tables have turned for Russian investors there. Greek Cyprus has sprung into action to clamp down on the wild freedoms of Russian businessmen -- eliciting the flight of Russian capital from the island -- and discouraged Russian hangers-on except bona fide tourists.


A door in Greek Cyprus. Doors have slammed shut throughout the Southern Cypriot financial world, sending once enormous Russian deposits and business activity off the idyllic eastern Mediterranean island

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Excerpt from January 2019 Bloomberg article :

"New banking business from Russia is “limited,” [Kyriakos] Iordanou [general manager of the Institute of Certified Public Accountants of Cyprus] said. His public accountants’ organization’s members are looking for opportunities from elsewhere, like China, India, the Middle East and Africa.
While some of the drop in numbers over the years stems from Russians... acquiring Cypriot nationality, affecting the way such funds are classified, tightened local rules are also beginning to bite.

Not Bankable

In November, a directive from the Central Bank of Cyprus kicked in, giving lenders less leeway to work with shell companies. That’s making many Russian companies “non-bankable,” said Iordanou.
Two Russian businessmen with accounts in Cyprus for over a decade said they were contacted by their banks over the past few months asking for documents from many years ago on the source of the money in their accounts. Unable to provide them, they were forced to close the accounts, they said, declining to be named.
“Cyprus banks require a lot of papers now,” said Alexander Ryazanov, Gazprom’s former deputy CEO, who has a real-estate business in Cyprus and has worked for many years with Cypriot banks. “It is very difficult to open a new account now.”
The central bank directive on money laundering involves avoiding dealings with entities deemed to be shell companies, which hits at the heart of Russian investments.
Moneyval, the council of Europe’s money-laundering watchdog, is conducting another evaluation of Cypriot measures to combat money-laundering and financing of terrorism. The results are expected in May.

‘Becoming Toxic’

Meanwhile, for Bank of Cyprus, the country’s largest lender, Russian clients now account for only 1.5 percent of the total and 5.7 percent of total deposits compared with 2.4 percent and 9.9 percent in 2014, according to the lender.
Although the central bank’s measures didn’t specifically target Russians, “one can argue that this group is affected to a larger degree than others,” said Demetris Taxitaris, general manager of Cyprus-based MAP S.Platis, a consultancy firm for financial services companies.

https://www.bloomberg.com/news/articles ... n-business

[Barbara]

Update May 2024 :

The process of eliminating foreign investors', including Russians', access to securing citizenship rights  by investing large amounts in Southern Cyprus and also on the island of Malta, has ended.
By the next year after the post above, 2020, the door had slammed shut. 

Late last month, even some of the Russian previous holders of this type of passport were kicked out, due surely to intense pressure by NATO and related institutions on the Cypriot government.

While in 2023, Malta also stopped its program for Russians and Belarusians to establish residency on the historic Mediterranean island.

"LEFKOSA, Turkish Republic of Northern Cyprus - The Greek Cypriot administration is canceling "golden passports" for Russians who obtained them by paying exorbitant sums, as a result of pressure from the EU, according to media reports Tuesday.

About 40 golden passports given to Russians, who were included in the EU's sanctions list due to the Ukraine-Russia War, were canceled, said Southern Cyprus media.The EU Commission has frequently objected to Southern Cyprus giving passports to Russian citizens since 2020, providing them with a commercial shield and free movement in Europe.The accounts of nearly 10,000 Russians were frozen by banks in the Greek Cypriot administration as a result of the sanctions.

'Golden passports'

Passports obtained by citizens of non-EU countries by giving money to benefit from the bloc’s free trade, customs facilities and free movement rights are called "golden passports."The "Golden Passport" application was stopped in 2020 because it also caused corruption allegations in the Greek Cypriot Administration.

Some 6,000 people, including nearly 3,000 Russians, received passports from Greek Cypriots.The Greek Cypriot administration and Malta are criticized and warned by the EU for converting the "Golden Passport" practice into systematic income and providing passports to troubled business people.

Last year, Malta suspended the residency and citizenship program for Russian and Belarusian citizens until further notice.

A foreigner applying for an amount of approximately €1 million ($1.09 million) could obtain a Maltese passport, thus becoming an EU citizen. 

https://www.aa.com.tr/en/world/greek-cypriot-administration-canceling-russians-golden-passports-under-eu-pressure/2898794
 
 

[Barbara]

Further details on the newer Greek and Greek Cypriot "residency-by-investment" rules :

"Cyprus’s Strategic Shift

Cyprus’s Golden Visa program has undergone significant changes in recent years, including new restrictions and stricter controls. The program, which grants permanent residence in Cyprus for an investment of €300,000, has faced criticism and scrutiny due to issues such as compliance checks and the granting of passports to criminals and those at high corruption risk.

In response to these concerns, the Cyprus Ministry of the Interior has agreed to enforce stricter controls on the program. These measures include toughening the criteria for the fast-track visa program for third-country nationals and implementing new requirements for annual data submissions and clean criminal record certificates from investors’ countries of origin. Failure to meet these requirements will result in the cancellation of immigration permits for investors and their families.

The investment criteria for the program have remained the same, with a minimum investment of €300,000 required. However, the program has seen modifications in dependent eligibility and renewal criteria. The new regulations lower the range of family members qualifying as dependents, excluding parents and parents of the spouse and adult children. The required annual income for the principal applicant and dependents has also been increased.

Investors must now demonstrate that they have not divested from their original investment asset and must provide evidence that they continue to meet the income and investment requirements. The funds for the investment must be directly deposited from the main applicant’s account or their spouse’s if they are included as dependents.These changes aim to address concerns of abuse and corruption in the program and maintain the integrity of residency and citizenship pathways for investors. However, they also raise questions about the future of such programs in Cyprus and the EU, as policymakers must balance the need to attract investment with the need to ensure security and compliance.

The Broader Impact: Economic Renaissance

The changes to the golden visa programs of Greece and Cyprus are expected to have a significant impact on immigration. The revised Greek golden visa program will raise the minimum investment threshold from €250,000 to €800,000 in specific areas, such as Zone A (central, southern, and northern Attica; Athens capital region; central Thessaloniki; Mykonos and Santorini islands, potentially including Crete, the Cyclades, and the Dodecanese islands).

This increase could potentially deter some investors, as other European golden visa programs offer lower minimum investment amounts. However, Greece’s strong economy, quality of life, and faster path to citizenship compared to most European nations may counterbalance the uncertainty caused by the changes.

In Cyprus, the golden visa program was revamped to address weaknesses and eliminate potential exploitation. The changes include raising the minimum income requirement for the main applicant and their dependents, as well as requiring proof of sustained investment and income levels at renewal. These modifications could lead to a decrease in demand for the program due to its loss of competitiveness compared to other countries.

Overall, the impact of these changes on immigration will depend on how they are perceived by potential investors and the extent to which they affect the attractiveness of these countries’ residency-by-investment programs. While the new rules may deter some investors, the strong economic rebound and high quality of life in Greece, as well as the stricter controls in Cyprus, could still attract a significant number of high-net-worth individuals seeking residency and access to the European Union.

Implications on third-country nationals

The changes to Cyprus and Greece’s golden visa programs have several implications for third-country nationals:Increased Income Thresholds: Cyprus has increased the income thresholds for third-country nationals applying for permanent residence under its Golden Visa program. This change may affect those who were previously eligible but now need to meet the higher income requirements.

Stricter Due Diligence

Cyprus has introduced stricter due diligence procedures for all applicants, including background checks and enhanced financial due diligence. This could potentially lead to a longer and more complex application process for third-country nationals.Changes in Dependent Eligibility: Cyprus has altered the criteria for dependents, requiring parents, parents-in-law, and adult children to make their own investments instead of being attached to the main applicant’s application. This may affect families seeking to obtain permanent residence together.

Higher Investment Threshold:

Greece is considering raising the minimum investment threshold for its Golden Visa program, which could make the program less attractive to some third-country nationals.

Tiered Investment Minimums:

Greece’s proposed changes include tiered investment minimums based on location, which could impact the decision-making process for third-country nationals considering investing in real estate.

Conclusion: The Future of Investment Immigration

The modifications to the Greek and Cyprus Golden Visa programs mark a pivotal moment in investment immigration. With the dawn of 2024, these Mediterranean nations are poised to become even more appealing to discerning investors, promising a blend of lifestyle and financial rewards.

As the global economy evolves, Greece and Cyprus stand ready to welcome a new era of prosperity and growth through their revamped residency-by-investment initiatives.

Greece and Cyprus Golden Visa programs offering residency-by-investment schemes modified - Investing Abroad News | The Financial Express