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Monday, September 18, 2017

The Golden Passports

The government of Cyprus has raised more than €4bn since 2013 by providing citizenship to the super rich, granting them the right to live and work throughout Europe in exchange for cash investment. More than 400 passports are understood to have been issued through this scheme last year alone.

Launched in 2013, Cyprus’ current citizenship-by-investment scheme requires applicants to place €2m in property or €2.5m in companies or government bonds. There is no language or residency requirement, other than a visit once every seven years.

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