Cyprus’ reputation more important than selling mansions, FinMin says

The continuation of the Cyprus investment programme goes hand in hand with stricter oversight, Cypriot Minister of Finance Harris Georgiades said on Tuesday, stressing that the countrys reputation is what is important and not the sale of yet another mansion.

Georgiades, who was addressing the Economist conference in Nicosia, was referring to reports about the granting of the Cypriot citizenship to various investors and recognised that mistakes were made which while isolated, were not insignificant, as he put it.

“We need to recognise this, and evidently we undertake the responsibility while the more substantial corrective moves in relation to the programme have been made from the beginning of this year,” he noted.

He stressed that the programmes importance and contribution to the Cypriot economy should not be underestimated, adding that the programmes impact as a whole is certainly positive but small.

However, Georgiades added, “anything which helps our economy, contributes in the creation of jobs, is I believe welcome,” pointing out that this type of programme has also been used by other countries as a tool for attracting investments.

The programme, he explained, now operates under a different basis, with much more strict and reliable checks and very specific and expanded exclusion criteria, to an extent that certain people have complained that the new stricter framework has essentially neutralised the programme.

The Finance Minister said that stricter oversight is a condition for the continuation of the programme and added that “we all need to comprehend that our countrys good name and reputation are of a much greater value than the sale of yet another mansion.”

Source: Cyprus News Agency