The Ministry of Education is preparing to remove provisions requiring foreign universities to provide bank guarantees of €2 million per institution and €500,000 per department from draft legislation governing the establishment of international university branches in Cyprus.
The decision follows guidance from the Law Office, which deemed the requirement discriminatory as existing universities are not subject to such financial guarantees.
The ministry may also eliminate provisions concerning university ranking requirements, despite both measures being initially introduced as safeguards to ensure only high-quality institutions would establish branches in Cyprus.
These issues were revisited today at the parliamentary Education Committee, where discussions remained inconclusive due to ongoing disagreements over specific points.
The bank guarantee requirement is expected to be removed from the bill and addressed through amendments and regulations to ensure a uniform policy for all institutions.
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