Why is cyprus referred to as a "tax haven"? Let's know...
Cyprus launched a program known as Golden Passport in 2007. The cyprus Investment Programme is another name for this program. Wealthy individuals from several nations were granted cyprus citizenship under this program. This program was designed to encourage foreign investment in Cyprus. According to official numbers from cyprus, 7,327 individuals received passports as a result of this program. Of these, about 5,000 belonged to their families, and just 3,517 were 'investors'. In light of this, tell us in this article why cyprus is referred to as a "tax haven" and what kind of relationship it has with India's wealthy.
Cyprus's ties to India
66 wealthy indians in india have also received golden passports under the Golden Passport Scheme of Cyprus. On the other hand, india ended the cyprus "Golden Visa" program in 2020. The fact that Golden Passport holders who are politically exposed or who are facing criminal accusations can stay safe in that country was one of the factors used to justify the scheme's closure.
To put it simply, those who are accused of money laundering or any other criminal offense in india can stay safe in cyprus by obtaining a Golden Passport under this program. Recently, a media story surfaced claiming that the 66 indians who received golden passports also included gautam Adani's older brother Vinod adani, real estate tycoon Surendra Hiranandani, and well-known businessman Pankaj Oswal.