The Cyprus government has announced it is shutting down citizenship by investment scheme from Nov 1.
According to Cyprus mail, “The government said Tuesday it was scrapping the citizenship by investment programme in its current form from November 1.”
The decision followed Al jazeera undercover investigations in to the investor citizenship scheme implicating developers and politicians selling passports to criminals.
The official statement released by the Office of the President is below.. The statement said The Council of Ministers approved the proposal of the Ministers of Finance and Interior for the abolition of this investment program from 1/11/20. The proposal was based on the longstanding weaknesses but also on the abusive exploitation of the provisions of the program
To Υπουργικό Συμβούλιο ενέκρινε την πρόταση των Υπουργών Οικονομικών και Εσωτερικών για κατάργηση του παρόντος επενδυτικού προγράμματος από 1/11/20. Η πρόταση βασίστηκε στις διαχρονικές αδυναμίες αλλά και στην καταχρηστική εκμετάλλευση που έτυχαν οι πρόνοιες του προγράμματος.
— Προεδρία της ΚΔ (@CYpresidency) October 13, 2020
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