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The program was initiated in 2007. From 2007 to November 1, 2020, just over 7,000 people received Cypriot citizenship. The minimum investment was 2 million euros and citizenship was extended to the family of the investor as well. [3] In 2013, the required minimum investment for citizenship was lowered from 25 million in 2007 to 2,5 million. [4]
The following is a list of Cypriot billionaires, based on an annual assessment of wealth and assets published by Forbes every April. [2] The vast majority of Cypriot billionaires are not native Cypriots, but are foreign billionaires who acquired Cypriot citizenship (either through the now-defunct Cyprus Investment Program or otherwise) to take advantage of the country's tax laws.
The Cyprus Papers was a leak of government documents related to the Cyprus Investment Program (CIP) obtained by Al Jazeera and released in August 2020. [1] The CIP allows non-citizens to apply and obtain a Cypriot passport by investing at least 2 million Euros in Cyprus. The passports obtained through the CIP are nicknamed "Golden Passports".
Countries that have historically offered citizenship by investment include Austria, [4] Cyprus (closed), Ireland (closed), Moldova (closed) [5] [6] and Montenegro (closed 31 December 2022). [ 7 ] Annually, an estimated 50,000 people, including family members of those who apply, obtain citizenship through investment programs, worldwide.
In 2013, a citizenship by investment pathway was created to attract foreign investment into the country. [38] Through the Cyprus Investment Programme, a foreigner could acquire Cypriot citizenship after investing €2 million in real estate, infrastructure projects, local businesses, or domestic financial assets and maintaining that sum within ...
From January 2008 to December 2012, if you bought shares in companies when Harald J. Norvik joined the board, and sold them when he left, you would have a -34.7 percent return on your investment, compared to a -2.8 percent return from the S&P 500.
IRAs hold around $15.2 trillion in assets compared to approximately $8.9 trillion in 401(k) plans, according to the Investment Company Institute. Savings rolled over from 401(k)s and other ...
Non-resident investors who held deposits prior to 15 March 2013 when the plan to impose losses on savers was first formulated, and who lost at least €3,000,000, would be eligible to apply for Cypriot citizenship. Cyprus's existing "citizenship by investment" program would be revised to reduce the required amount from €10,000,000 to € ...