Cyprus to scrap current citizenship by investment scheme

News Team, 15/10/2020

The Cypriot Government has said it will scrap its current citizenship by investment scheme, effective November 1.

This follows Al Jazeera releasing footage from an undercover journalist showing House president Demetris Syllouris and Akel MP Christakis Giovanis appearing to aid in the investment application of a Chinese businessman with a criminal record.

Those involved deny any wrongdoing, but the Cypriot Government will now “fully examine its policy to encourage investment” after a full investigation, having already banned cash payments in 2014.

Since it was launched in 2007, the citizenship by investment...

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