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May 16, 2021 06:52:44 am Official probe prompted the attorney general of Cyprus Friday to file the first criminal suit over its cash-for-passports scheme, by which thousands of passports may have been wrongly issued to rich unqualified foreigners. A total of 37 charges have been filed against five individuals and four companies. Additional cases relating to the probe by the ad hoc three-member panel headed by Cyprus Securities and Exchange Commission Chairwoman Demetra Kalogerou are under investigation. Parliament speaker Demetris Syllouris was filmed last year while promising to make the passport issuance procedure easier for fictitious investors with a criminal record. An interim report suggested that 51 percent of passports went to unqualified people. Between 2007 and 2020, 6,779 people were awarded Cypriot citizenship. The report recommended the rescission of citizenship in 66 cases due to the existence of a conflict of interest between the cabinet’s members and applicants. According to the Cypriot Legal Service, the report was handed over to the police.
Webinar on Cyprus investment Filed on February 27, 2021 Two webinars have been organised dedicated to the fund and asset management industry in Cyprus. The first one, held recently, discussed the state of the fund management sector in Cyprus and the impact of new regulations, while the second one on March 10, is dedicated to liquidity management in 2021. Demetra Kalogerou, chairwoman of the Cyprus Securities and Exchange Commission, will be one of the keynote speakers at the event. Cyprus is swiftly becoming the ultimate jurisdiction for the Middle East and North Africa funds that want to invest in Europe and international funds interested in the MENA region. The participants at the webinar have the opportunity to get insights into the industry from specialists and local stakeholders.