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Cyprus citizenship through investment in hotels but without owners’ consent

November 25, 2019 at 8:28am
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Cyprus hotels were listed on HotelCitizenship.com which is a platform for investors to acquire citizenship by investing in luxury hotels through citizenship by investment schemes. But without the consent of their owners who have warned of legal action.

And all this while Cyprus is under strong criticism over its controversial citizenship by investment scheme.

“Cyprus offers full EU citizenship to hotel buyers under the Cyprus Investment program. It is the only citizenship scheme in Europe that offers instant citizenship in 7 months to hotel investors. All other countries such as Malta, Bulgaria do not offer citizenship to hotel investors,” the platform said.

“A minimum of EUR 2 million invested in residential or commercial projects to qualify for Cyprus passport. Out of this investment, one must also buy a permanent home for EUR 500,000. This means you can invest in hotel room or buy entire hotel for EUR 1.5 million,” it added.

A total of seven properties in the districts of Famagusta, Larnaca and Limassol were on the HotelCitizenship.com list. Among them, five-star Radisson Blue in Larnaca and City of Dreams integrated casino resort in Limassol. Specifically, on offer was a scheme through which one could buy $2 million worth of stock in Radisson Blue, while for the integrated casino resort one could buy a room for $2,250,000. A detailed description of the specific properties similar to that on lists of real estate agencies was provided.

In addition to Cyprus investments which have been added recently, the platform, refers to luxury hotels in 12 other countries, including Greece, Malta, Turkey, Portugal and Spain. And it notes that their partners include hotel industry giants such Radisson, Kempinski, Six Senses and Hyatt.

Insider was told by companies in Cyprus managing projects listed on the platform that they are neither  partners nor affiliated in any way with the specific site. They also pointed out that there is no intention of selling shares of companies or part of real estate. In fact, they made clear they would ask their legal departments to take the necessary legal action against the specific website. As for the company which manages the HotelCitizenship.com, there was no response to written questions sent by Insider.

However, after the intervention of concerned companies it seems that Cypriot projects listed on the website were removed late on Friday, while remaining ones carry no names.

It is obvious that there is a question of infringement of general rules in the promotion of naturalization through investment projects in Cyprus.

By Marios Rousou

 

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