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Cabinet Approves Changes in Cyprus Investment Program
February 15, 2019
The Cabinet approved Wednesday 13 February a series of changes to make the Cyprus Investment Program even more targeted and trustworthy, Finance Minister Harris Georgiades said.
In statements at the Presidential Palace, the Minister of Finance said that the Cabinet was informed Wednesday about the results of an economic impact study in relation to the Cyprus Investment Program.
Since the start of the project in 2013, 1864 cases of naturalization have been approved and 6.6 transactions have been made. The Minister clarified that, transactions were not the same as investments with a positive contribution to the growth rate of an economy. Georgiades said that it is clear from the study that the program is quite important for the real estate and construction sector, but with little overall impact on the economy.
In particular, it appears that about 24% of real estate transactions come as a result of the program and that the real estate and the construction sector have clearly recovered and part of this recovery is a result of the program. The Minister also said that there was no overheating in the real estate sector or particularly high dependence of the economy on this sector.