Cyprus gets tough on passport-for-investment scheme after EU criticism

Cyprus has tightened procedures for applicants to its citizenship-by-investment scheme in a bid to make it more trustworthy after it was criticised by the EU for lack of transparency. Under the new golden visa rules, a Cyprus passport will now be granted in exchange for an investment of €2.5m, up from €2m, including the purchase of a residency.  The investment amount is €2m if the investment is made solely in residential real estate, at least a quarter of which must be spent on a residence for life. If not, the threshold is €2.5m, at least €500,000 of which must be spent on a permanen...