The Parliamentary Committee on Financial and Budgetary Affairs has approved an annual fund of €1.4 million for three years to be used for the purchase of services for a detailed monitoring of the financial situation of applicants in the Cyprus Investment Programme.
 
In statements after the Committee meeting took place its Chairman Angelos Votsis said the Ministry of Interior informed MPs that it is an effort on behalf of the government to be well informed about applicants who wish to take part in the Cyprus Investment Programme.

He expressed his belief that through the work undertaken by experts it will be possible to provide answers to anyone who may try to use the programme to spoil Cyprus reputation abroad.

The programme runs as part of a policy aiming to further encourage foreign direct investment and to attract high net worth individuals to settle and do business in Cyprus, provided they abide a set of criteria set by the Cabinet.

The scheme imposes a maximum period of six months for the processing of an application, a ceiling of 700 naturalisations per year, while it also features a code of conduct governing the programme to avoid abuse of the programme, as well as establishing a special committee to supervise the code’s implementation.

The cabinet approved changes to the programme on February 13 this year including a mandatory contribution to the Foundation for Research and Innovation to further encourage the creation of an eco-system of business innovation and a mandatory contribution to the Cyprus Land Development Corporation in order to finance affordable housing.