OECD blacklists Cyprus’ Golden Visas for affluent foreigners

Α Decrease font Enlarge font
OECD blacklists Cyprus’ Golden Visas for affluent foreignersCyprus offers two types of schemes: citizenship by investment, naturalization of investors by and residence by investment

Cyprus’ Golden Visa program offering residency permits to rich foreign investors that let them travel through the European Union was among 21 that the Paris-based Organisation for Economic Co-operation and Development (OECD) said are being used for criminal means, including tax evasion, with the country still fighting a notorious reputation for being a tax hideout haven.

Cyprus and Malta, where a journalist investigating corruption and money laundering was murdered, were the only European Union countries on the OECD black list, said the Cyprus Mail. The OECD analyzed more than 100 residence and citizenship by investment (CBI/RBI) schemes offered by jurisdictions committed to the OECD/G20 Common Reporting Standard (CRS).

Cyprus offers two types of schemes: citizenship by investment, naturalization of investors by and residence by investment.

According to the OECD the schemes offered by Cyprus and 20 other countries “potentially pose a high-risk to the integrity of CRS.”

“Potentially high-risk CBI/RBI schemes are those that give access to a low personal tax rate on income from foreign financial assets and do not require an individual to spend a significant amount of time in the jurisdiction offering the scheme,” the report said.

The other countries on the list were Antigua and Barbuda, The Bahamas, Bahrain, Barbados, Colombia, Dominica, Grenada, Malaysia, Malta, Mauritius, Monaco, Montserrat, Panama, Qatar, Saint Kitts and Nevis, Saint Lucia, Seychelles, Turks and Caicos Islands, the United Arab Emirates and Vanuatu.

A joint report by Global Witness and Transparency International said programs run by some EU countries to sell passports and residency permits to wealthy foreign citizens pose risks of money laundering as some of the schemes are not properly managed.

The programs are available in 13 EU countries: Austria, Cyprus, Luxembourg, Malta, Greece, Latvia, Portugal, Spain, Ireland, Britain, Bulgaria, the Netherlands and France. Hungary has terminated its programme.

According to the report, titled ‘European Getaway – Inside the Murky World of Golden Visas’. Cyprus’ CBI marketing says the island offers “the quickest, most assured route to citizenship of a European country”.

“The statistics seem to support this,” the report said. “Cyprus’ passports-for-sale scheme is the most prolific of its kind in Europe, with 3,300 foreign nationals having secured EU passports since 2013,” earning the country some 4.8 billion euros ($5.5 billion).

In July, there was a warning that wealthy foreigners who can buy so-called Golden Visas to get residency permits in Cyprus – without living there but able to reside in other European Union countries – could find themselves in a bind if the government decides to grant companies or individuals selling investments the right to operate as licensed advisers.

That came from a stakeholder, Akis Kyradjis, Vice President at Arton Capital, who told the Cyprus Mail that they risk being exposed to malpractice and fraud.

“This is like allowing the producers of medicines to act as doctors as well,” said Kyradjis, whose company advises the rich about residency and citizenship matters.

“We find it hard to believe that the government will make Cyprus the only country in the world to declare officially that it allows conflict of interest in providing professional services to investors,” he said.

Ironically, the government, which is aggressively pushing for affluent foreigners to buy the visas, has barred agencies from promoting them.

Kyradjis said that while the government had taken measures to reduce the risk of abuse in other areas, it had not taken a final decision over the licenses.

Applicants are required to present clean criminal records although Cyprus is still fighting a reputation as a haven for tax cheats and money launderers, and they must sign an agreement that they will avoid conflicts of interest between their organizations, clients, business associates and other professionals.

The scheme, introduced in 2014, has been updated with measures regulating the business of the Golden Visas, with investors required to put at least 2 million euros ($2.34 million) into real estate or a company or in shares.

They can also invest 2 million euros in securities offered by investment companies licensed by the Cyprus Securities and Exchange Commission, or a combination of both parts.

Read more at thenationalherald.com

RELATED TOPICS: GreeceGreek tourism newsTourism in GreeceGreek islandsHotels in GreeceTravel to GreeceGreek destinations Greek travel marketGreek tourism statisticsGreek tourism report

 

Tornos
  1. 01/04 18:20

    Greek Tourism Minister meets Chinese counterpart

  2. 01/04 13:45

    Platform for repayment of debts in 72-120 installments to open in Greece by Friday

  3. 01/04 11:58

    Greek income tax platform open for filing with a July 31 deadline

  4. 31/03 22:46

    Greek Prime Minister addresses signing event for Evros border fence extension

  5. 31/03 22:38

    More train services on Monday in gradual relaunching of Greek railways

  6. 31/03 21:48

    Attica Group ferries reports 52% revenue hike in 2022

  7. 31/03 13:36

    Working hours of shops in Greece during the Easter holidays

  8. 30/03 23:34

    Media: Messages of appreciation at White House Greek Independence celebration

  9. 30/03 23:24

    Greece raising Golden Visa limit to €500,000 on May 1

  10. 30/03 19:29

    Three Athens cinemas to host awareness campaign with free screenings on Sunday

  11. 30/03 17:39

    Decrease in coronavirus infections and flu cases in Greece on March 20-26

  12. 30/03 14:18

    Corfu's endless richness unveiled by Marketing Greece

  13. 29/03 23:25

    Freight trains between Athens and Thessaloniki relaunch on Wednesday night

  14. 29/03 22:17

    MIT holding Global Startup Workshop at Athens Concert Hall on March 29-30

  15. 29/03 20:34

    Greek Prime Minister addresses American summit on safeguarding democracy

  16. 29/03 20:31

    Greek Parliament approves new Migration Code including EU Directive

  17. 29/03 19:28

    US President welcomes representatives of Greek American community at White House

  18. 28/03 22:34

    Paris-Cephalonia direct flights to commence April 22

  19. 28/03 21:00

    City of San Jose marks Greek Independence with flag-raising ceremony

  20. 28/03 20:42

    Professor Roderick Beaton sworn in as Greek citizen at Bank of Greece ceremony

  21. 28/03 19:47

    St. John the Baptist community marks March 25th in Des Plaines of Illinois

  22. 28/03 13:53

    Residents on Greek island of Halki producing the electricity they consume

  23. 27/03 21:31

    Greek flag-raising ceremony in Athens Square Park honors March 25th (videos)

  24. 27/03 19:39

    Athens metro strike on Tuesday called off after talks with government

  25. 27/03 18:42

    Work permits for migrant farm workers extended in Greece to December 31

  26. 27/03 14:22

    No more mandatory use of protection masks in mass means of transport in Greece

  27. 27/03 11:25

    The Tank New York City presents the Artaud Diptych by Greek playwrights

  28. 26/03 23:16

    Greek Independence Day marked at New York State Capitol

  29. 26/03 16:03

    Deputy Tourism Minister: Scheduled flights to Greece to rise by 15% in 2023 compared to 2019

  30. 26/03 14:12

    Flight from Belfast inaugurates tourism season for Greek island of Corfu

  31. 26/03 13:20

    Greek PM: We will do everything for railways to regain passengers' trust

  32. 25/03 23:41

    Tourism commits to water action agenda at 2023 United Nations Water Conference

  33. 25/03 23:03

    Greek FM: Positive turn in relations with Turkey due to neighboring country's attitude change

  34. 25/03 15:53

    Congratulatory messages from state leaders and embassies on Greek Independence Day

  35. 25/03 13:40

    Greek Independence Day celebrated with parades and cultural events

  36. 25/03 10:58

    Tourism commits to water action agenda at 2023 United Nations water conference

  37. 24/03 23:25

    Digital upgrade to take some Greek tax services offline on March 30

  38. 23/03 22:50

    IATA and AWS launch firsf Datathon to promote diversity in aviation

  39. 23/03 22:27

    Greek battle ships dock at Piraeus port for public visits over Independence Day

  40. 23/03 22:18

    UNWTO announces calls for best tourism villages in 2023

  41. 23/03 19:55

    Passenger traffic in Greek airports grows 53.3% in February compared to 2022

  42. 23/03 18:13

    Fall in coronavirus infections and rise in flu cases in Greece on March 13-19

  43. 23/03 14:23

    No metro in Athens on Friday from 21:00 till end of shift

  44. 22/03 23:37

    Priceless antiquities returned to the people of Greece at New York Consulate

  45. 22/03 22:42

    Taxi drivers on 24-hour strike in Greece on Thursday

  46. 22/03 21:46

    Greek summer school organized in Peloponnnesian city of Kalamata in 2023

  47. 22/03 18:52

    Downtown Athens traffic restrictions imposed for Greek Independence Day parades

  48. 22/03 17:31

    ABNA-SE conference concluded with general assembly in Thessaloniki

  49. 21/03 23:17

    UNWTO organizes tourism statistics workshop for Asia and Pacific in Nepal

  50. 21/03 23:00

    Calilo Resort on Ios: A Greek hotel in the 11 most sustainable hotels in the world

  51. 21/03 22:21

    HRADF inks Igoumenitsa Port share purchase deal with Grimaldi-led joint venture

  52. 21/03 16:15

    Clocks to go forward in Greece one hour on Sunday

  53. 19/03 14:10

    UNWTO launches new Women in Tech startup competition across the Middle East

  54. 19/03 14:07

    Greek president attends memorial march for Thessaloniki Jews killed in Holocaust

  55. 19/03 09:14

    Greek Minister: Relaunching railway services key to restoring public's confidence

  56. 18/03 14:07

    FM launches official campaign of Greek candidacy for UN Security Council

  57. 18/03 13:37

    Piraeus Port shows 51.7% profit hike during 2022

  58. 18/03 13:28

    Greek Tourism Minister forecasts that 2023 will be a very strong year for sector

  59. 18/03 09:02

    Greek Minister meets visiting Israeli minister of science and technology in Athens

  60. 17/03 23:10

    Passenger traffic rises in Greek ports but cargo drops in Q3 2022

  61. 17/03 16:09

    Study: Mediterranean diet reduces risk of dementia

  62. 17/03 15:04

    China and Greece join forces to create mutual learning model between cultures

  63. 17/03 12:14

    Τhe new minimum wage set by Greek government at 780 euros as of April 1

  64. 16/03 21:37

    Walk against discrimination 2023 to take place at Syntagma Square on March 21

  65. 16/03 19:30

    Central Athens road traffic restored after rallies and transport strikes

  66. 16/03 19:12

    Athens Half-Marathon to affect traffic in and around downtown Athens on Sunday

  67. 16/03 14:17

    Greek state budget recorded primary surplus of 4.201 billion euros in Jan-Feb

  68. 16/03 14:12

    FinMin: Greek banks able to absorb any turbulence from global markets

  69. 16/03 14:03

    IATA and Afroport Mauritanie ink agreement on ground handling safety

  70. 16/03 13:07

    Heavy rain and storms in Greece from Thursday to Saturday

  71. 15/03 13:59

    Mandarin Oriental Costa Navarino opens this summer in Peloponnese of Greece

  72. 14/03 23:09

    Greek mining enterprises planning to invest 300-400 million euros in 2023

  73. 14/03 20:41

    Public transportation in Athens halted partially by 24-hour strike on Thursday

  74. 14/03 20:19

    Greek trains to restart operation gradually after March 22

  75. 14/03 19:15

    Nominations open for 2023 IATA Diversity and Inclusion Awards in aviation

  76. 14/03 19:02

    Health Minister: Greece lifting Covid measures with some exceptions

  77. 14/03 18:52

    UNWTO Best Tourism Villages ceremony focused on tourism for rural development

  78. 14/03 17:33

    Aegean Airlines and Olympic Air cancel all flights in Greece on Thursday

  79. 14/03 13:06

    7th Posidonia Sea Tourism Forum in Thessaloniki on April 25-26

  80. 14/03 12:11

    Hellenic Train: Buses to transport passengers for free on certain routes from March 15

  81. 14/03 12:00

    Thessaloniki Urban Transport employees annunce 24-hour strike on March 16

  82. 14/03 00:10

    Hellenic College - Holy Cross full accreditation reaffirmed by NECHE

  83. 13/03 23:23

    75th Anniversary of Dodecanese unification marked on March 12 in Astoria

  84. 13/03 22:33

    Greek Transport Minister and railway unions meet on safe restart of train services

  85. 13/03 19:18

    UK’s Prime Minister rules out return of Parthenon Marbles to Greece

  86. 13/03 16:49

    Hellenic Republic President: Cyprus top national priority of Greek foreign policy

  87. 12/03 14:23

    British Museum head on solving 200-year-old dispute with Elgin Marbles

  88. 12/03 14:20

    Greek unions call 24-hour national strike on Thursday over Tempi train crash

  89. 12/03 14:05

    Summer tourism season kicks off in Greek island of Rhodes earlier than ever

  90. 12/03 13:11

    Athens metro stations closed as protest rally is held over Tempi train collision

  91. 11/03 21:05

    UNWTO at ITB Berlin: Setting priorities for tourism sector

  92. 11/03 19:05

    UNWTO marks Best Tourism Villages ceremony in AlUla of Saudi Arabia

  93. 11/03 17:15

    Huawei VP CEE & Nordic Europe Region: Greece is a valuable market

  94. 11/03 13:27

    UNWTO report on methodologies and tools to measure greenhouse gas emissions

  95. 11/03 12:58

    GWTO head: Greece among most promising emerging wine tourism destinations

  96. 11/03 10:13

    New Cyprus President to visit the Greek capital Athens on March 12-14

  97. 11/03 09:48

    Hellenic Statistical Authority: Greek trade deficit fell 21.9% in January

  98. 10/03 20:20

    Tourism's potential centered at LDCV, UN conference on least developed countries

  99. 10/03 19:24

    Panhellenic Exporters Association: High Greek exports growth to continue

  100. 10/03 18:33

    Construction commences on 'Giannis Antetokounmpo' BB court in Ghana