Interior Minister Socrates Hasikos said the scheme was successful and the government would like to secure its continuation, while noting that prospects for 2014 seemed favourable.

The Minister noted however that some changes have been made, making the acquisition of the Cypriot passport more difficult, since “this is also a European” passport.

An EU passport allows the owner visa-free entry to 163 countries, Schengen borderless travel, a United States visa waiver and numerous benefits including the right to live and work in any EU member state.

Applications are reviewed on a case-by-case basis, to see whether certain criteria are met, before proceeding with issuing a passport, the Minister concluded.

The scheme provides that foreign nationals can acquire Cypriot citizenship, when investing at least €5 million in government bonds, real estate or fixed term deposits, among other areas.

Cyprus is one of a handful of countries including Greece and Portugal, which has introduced similar offers in a bid to fill state coffers.

Malta offers rich foreign investors passports for €650,000. The scheme has caused outrage in Malta, where critics describe the sale of their citizenship as being a desperate move.

Polls show 53% of Maltese oppose the idea and the opposition party have said they will cancel all passports if returned to power.

Source: Famagusta Gazette