Cyprus Interior Minister Says Scandalized Golden Visa Scheme OK Now

NICOSIA — Cyprus’ tainted Golden Visa program that sold residency permits and European Union passports to rich foreigners who weren’t always vetted for money laundering or criminal activity has been reformed, Interior Minister Nicos Nouris said.

Cyprus, along with Malta and Bulgaria, had been singled out by the European Union for lax controls that increased the changes for corruption and misuse of the program that also saw even those with Cypriot heritage having to wait for residency or dual citizenship if not rich.

Nouris said the the security of the scheme that Cypriot President Nicos Anastasiades defended until a Reuters report pointed out loopholes that led to the government revoking visas for 26 people, has been enhanced, SchengenVisaInfo.com reported.

“The candidates are carefully vetted when they apply, and the providers for the candidates are also vetted. Once candidates are approved, their conduct as residents in Cyprus is reviewed each year for 10 years, and if they break our laws or engage in other undesirable activities, the passport can be revoked,” Nouris said.

He also pointed to anti-money laundering legislation as another important improvement. “This is the law approved by the EU and implemented by the banks,” he said, adding as well that, “providers of candidates are vetted again every year by a special interior ministry committee. “Providers must show that they are respecting the rules,” unlike before.

In the past, only real estate investment was considered, another reason why the Cyprus program had been so widely criticized, the site noted.

“This is no longer the case. There is a wide choice of investment possible, and we privilege investment that develops young companies, high-tech, the stock market and other businesses – we hope the scheme will bring in funds that support innovation in our country,” Nouris pointed out.

Cyprus’ Golden Visa scheme offers citizenship in exchange for an investment of  2 million euros ($2.26 million,) including the purchase of a residence worth at least 500,000 euros ($563,985), in addition to another 150,000 euros ($169,195.)


NICOSIA - It hasn't worked for decades and the Turkish-Cypriot occupied side has rejected talking but Cypriot Foreign Minister Ioannis Kasoulides said negotiation is the only way to solve the problem of the divided island.

Top Stories


A pregnant woman was driving in the HOV lane near Dallas.

General News

FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.


Fragile Cease-Fire Between Israel, Gaza Militants Holding

GAZA CITY, Gaza Strip — A fragile cease-fire deal to end nearly three days of fighting between Israel and Palestinian militants in Gaza held into Monday morning — a sign the latest round of violence may have abated.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. abc@xyz.com

You may unsubscribe at any time using the link in our newsletter.