Cyprus Golden Visa program raises 4 bln euros

A Golden Visa program, granting residence status to foreign nationals who purchase property, has brought some 4 billion euros in revenue to Cyprus, outperforming by far a similar program that has been operating in Greece for the past three years.

Cypriot authorities raised the revenue over the past year thanks chiefly to purchases by wealthy Russians, according to sources. The condition for the acquisition of a Cypriot residence permit is for an investor to spend at least 2 million euros on real estate or 2.5 million euros on Cypriot government bonds or a company.

The sum of 4 billion euros is impressive, corresponding to 25 percent of Cyprus's gross domestic product. This compares to the 2.8 billion euros in direct investment recorded in Greece last year, a sum that accounts for just 1.5 percent of the country's GDP.

According to Cyprus Finance Minister Harris...