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Cyprus invents compensation scheme for lost investments


18/04/2013

EU passport to those who lost over 3 mln euro

In exchange for ''a minimum'' of three million euro lost to the levy on the island's bank deposits dozens of foreign investors will soon be able to request Cypriot citizenship and an EU passport.

This is the ''consolation prize'' thought up by the Cypriot government and announced by President Nicos Anastasiades for those who lost money in the Bank of Cyprus and Laiki Bank.

The Cypriot regulation ''citizenship in exchange for investment'' exists in other countries as well, and will be modified to reduce the required investment from 10 million euros to three million to be granted citizenship.

intax-info.com


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