Tuesday

17th Jul 2018

EU monitoring Cyprus passport sales

  • Cyprus was already a hotspot for Russian tourists and investors (Photo: Marco Fieber)

The European Commission has said it is in a "dialogue" with Cyprus amid concerns on loopholes in its passport sale scheme.

A Commission spokesman said on Monday (18 September) that the EU executive started the talks in 2014 to make sure that a "genuine link" existed between buyers of Cypriot passports and the island state.

Read and decide

Join EUobserver today

Support quality EU news

Get instant access to all articles — and 18 year's of archives. 30 days free trial.

... our join as a group

"As a result of this dialogue, Cyprus revised their [passport sale] law in late 2016", but the "dialogue remains ongoing," he said.

He noted that issuing passports was a national competence.

But he added that since obtaining a passport from any one of the 28 EU states entailed getting rights, such as freedom of movement or capital, in all the others "member states should use their prerogative to award or withdraw citizenship in a spirit of sincere cooperation".

He also said it was a "principle in international law" that passport applicants should have such a "genuine link" to their new host state.

The Cypriot passport scheme requires people to visit the country at least once every seven years and to invest at least €2 million in real estate or €2.5 million in Cypriot stocks or bonds.

There is no language or residency requirement.

According to The Guardian, a British newspaper, Cyprus has raised over €4 billion via the scheme since 2013 and sold more than 400 passports last year.

It said, citing internal Cypriot documents, that several passports were sold last year to Russian and Ukrainian oligarchs with a sensitive political profile.

The Cypriot finance ministry told The Guardian it carried out anti-money laundering type checks on applicants.

It said the scheme was for "genuine investors, who establish a business base and acquire a permanent residence in Cyprus".

It also said other EU states had similar programmes.

It did not name them, but Hungary, Malta, and Portugal, among others, also have similar schemes.

EU leaders still in search of migration plan

Select EU leaders met amid rising tension over migration, with Italy's PM, who had threatened to boycott the summit, putting forward a new plans to stop boats from leaving Libya.

Feature

EU and Turkey fight for 'lost generation'

Some 300,000 school-age Syrian children in Turkey are not enrolled in classes. Fears they may end up in sweatshops or forced to beg have triggered efforts by the EU, Unicef, and the Turkish government to keep them in school.

News in Brief

  1. VW owners to get diesel software update free until 2020
  2. Airbnb breaches EU consumer rules, Commission says
  3. EU sees no China free-trade talks
  4. Italy accepts migrant boat after help promises
  5. EU opens case on Siemens' Alstom buyout
  6. Trump: May found my Brexit advice 'too brutal'
  7. Italy will reject EU-Canada trade deal, says deputy PM
  8. Commission: Juncker suffered from sciatica attack at Nato

Stakeholders' Highlights

  1. IPHRCivil society asks PACE to appoint Rapporteur to probe issue of political prisoners in Azerbaijan
  2. ACCASocial Mobility – How Can We Increase Opportunities Through Training and Education?
  3. Nordic Council of MinistersEnergy Solutions for a Greener Tomorrow
  4. UNICEFWhat Kind of Europe Do Children Want? Unicef & Eurochild Launch Survey on the Europe Kids Want
  5. Nordic Council of MinistersNordic Countries Take a Stand for Climate-Smart Energy Solutions
  6. Mission of China to the EUChina: Work Together for a Better Globalisation
  7. Nordic Council of MinistersNordics Could Be First Carbon-Negative Region in World
  8. European Federation of Allergy and AirwaysLife Is Possible for Patients with Severe Asthma
  9. PKEE - Polish Energy AssociationCommon-Sense Approach Needed for EU Energy Reform
  10. Nordic Council of MinistersNordic Region to Lead in Developing and Rolling Out 5G Network
  11. Mission of China to the EUChina-EU Economic and Trade Relations Enjoy a Bright Future
  12. ACCAEmpowering Businesses to Engage with Sustainable Finance and the SDGs

Latest News

  1. EU and China agree on words, not yet on action
  2. EU is 'foe', as Trump seeks to make friends with Putin
  3. Let's not be 'naive' with Chinese partner, says senior MEP
  4. Trump, trade, and Brexit in EU headlines This WEEK
  5. EU and China edge closer in Trump's 'America First' world
  6. How the World Cup exposed Russian chauvinism
  7. Stage set for Trump-Putin finale
  8. Trump scuppers trade deal with UK under May's Brexit

Join EUobserver

Support quality EU news

Join us