Foreign Investment Control: 15-Month Retrospective Review

All foreign investments exceeding €2 million will be assessed through a new control mechanism, according to a bill discussed in the Parliamentary Committee on Finance. The aim is to implement the European regulation on the control of direct foreign investments.

The review can be applied retrospectively for 15 months, allowing investments to be canceled if problems with the funds are detected. This has already been in effect for the past five years under European regulation.

A representative of the Ministry of Finance stated that the intention is to establish a control mechanism for foreign investments in sectors such as banking, healthcare, real estate, and tourism.

All stakeholders supported the bill, emphasizing that Cyprus will exchange information on investments with other countries. AKEL MP Antros Kavkalios stated that the goal is to protect the public interest. The government aims to approve the new framework before the end of September.