Cyprus Will Suspend Program on Granting Citizenship in Exchange for Investment
OREANDA-NEWS. Cyprus will cancel citizenship by investment program. This was announced by government spokesman Kyriakos Kousios. The decision will come into force on November 1.
“At today’s extraordinary meeting of the Council of Ministers, the finance and interior ministers presented a proposal to cancel this investment program. The proposal was based on long-term shortcomings, as well as abuse of the provisions of the Cyprus Investment Program. The decision will come into force on November 1, 2020,” Kousios told reporters.
Earlier, the TV channel Al-Jazeera reported that the Cypriot authorities issued so-called golden passports to foreigners suspected and accused of crimes. The Cyprus Ministry of Interior then stated that all those who received citizenship in exchange for investments were checked by the authorities and the candidacies met the conditions. However, after the checks, the Cypriot government began the process of revoking the citizenship of people who provided false data when obtaining passports.