“The government has already gone ahead with a substantial revision of the scheme and will not hesitate to go ahead with new adjustment and modification in order to ensure that the scheme will continue, will serve our economy’s needs, will not lead to excesses and will preserve the good reputation of our country,” Georgiades was quoted as saying.

The government may consider regulating more strictly how the private sector advertises the scheme with the introduction of an annual cap on naturalisations of beneficiaries, Kathimerini reported citing Georgiades.

He added that aspects of the scheme were causing concern and that its effectiveness shouldbe monitored.

The latest version of the scheme allows foreign citizens investing at least €2m in Cyprus to apply for a Cypriot passport, reducing the requirement of previous versions which stood at €2.5m, €5m and €12.5m.

Source: Cyprus Mail