Tax Havens: Cayman Islands and Gain Access

tax havens: Since 2013, Cyprus has had a program that allows people to invest large amounts of money in the country in exchange for citizenship that gives them a passport that can be used to travel throughout the European Union, according to CTV. Now, there are concerns that foreigners are taking advantage of the program to park their money offshore, gain access to a passport that allows them travel easily across Europe, and avoid the prying eyes of their own governments. But in Cyprus, it can be as easy as shelling out some cash. Many countries in the world provide residency in exchange for investment, and many others are used as tax havens, such as the Cayman Islands and Panama. In three months, even without stepping a foot onto the island, you can actually become a citizen, Onaran told CTV's Your Morning from New York Tuesday. But Yalman Onaran, a senior writer at Bloomberg News who recently investigated the Cyprus program, says what makes that country unique is how quickly it will issue a EU passport in exchange for money. (www.immigrantscanada.com). As reported in the news.