Foreign investors, who lost more than €3 million, will receive citizenship of Cyprus

Foreign investors, who lost more than €3 million, will receive citizenship of Cyprus

Foreigners, who have lost some of the money due to the closure of some Cypriot banks and the introduction of a 20 percent tax on deposits, will be able to obtain citizenship of Cyprus, according to Reuters. This was stated by the President of Cyprus Nikos Anastasiadis.

"Those non-residents, which had on March 15 of this year, deposits in Cypriot banks and now lost €3 million or more, will be able to apply for citizenship of Cyprus. In this case, they will have to set up a special fast-track procedure," said the president of Cyprus Nikos Anastasiadis.

It is planned that the issue will be resolved by the end of April. In addition, foreign companies that choose to stay in Cyprus and open its offices will be granted special tax benefits.