EU is criticising the Cypriot government methods and the Cyprus Investment Program as not transparent and a program who is not building sustainable growth.
According to statistics, the Cyprus Investment Programme contributed only 1,3% economic growth the last three years. 1,864 applications has been approved from 2013 with transactions valued at 6.6bn, without calculating family members.
The cabinet of Cypriot Ministers on 13th of February 2019 announced the renaming of the Cypriot Research Promotion Foundation to Institute of Research & Innovation with extent activities, enrichment of its goals and changes in the structure of the Board of Directors etc.
The second important element of decision concerns the increase of the funding of the new Institute of Research and Innovation from each investor who is part of the Cyprus Investment Program.
The goal is for EUR 75,000 from each investor to be contributed for the benefit and the objectives for the purpose of Research and Innovation. This new announcement will go to Parliament for voting.
According to the new 2018 cap limitation, of 700 people to obtain the Cyprus Investment Programme, the above-proposed legislation will bring 52,500,000 millions contribution for research and innovation projects.
The big question is how the funds will be used and who is going to rip the benefits. But first, these new cabinet changes need to pass the parliament to become a reality.
What do you think about the new announcements of the Cypriot government with the goal to boost research and innovation in Cyprus? Are we on the right path?