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What will be the fate of the residency by investment visa stream in Cyprus following the Pandora Papers controversy?

I'm an investor looking to get residency via investment in Cyprus, but I'm a bit concerned about the fate of the program following the alleged involvement of the Cypriot president in the Pandora Papers controversy. Last year, Cyprus suspended its CBI program following a media report. What should investors expect now?

  • CA Advocates (Pourgoura & Aspri LLC)
    October 11, 2021

    The Cyprus residency relates only to Cyprus territory and, therefore, does not affect the European Union since Cyprus is not part of the Schengen treaty. Therefore, having a Cyprus residency allows you only to travel to Cyprus and that is regulated by domestic laws and does not affect travelling within the European Union.