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Cyprus ends citizenship for investment program

Christian Fernsby |
Cyprus on Tuesday announced an end to its controversial citizenship for investment program, taking effect from November 1.

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Topics: CYPRUS   

The decision was announced by government spokesman Kyriakos Koushos after an extraordinary meeting of the Council of Ministers.

"At an extraordinary meeting of the Council of Ministers, a proposal by the Ministers of Interior and Finance was made to end the Investment Program. The proposal was based on timeless weaknesses and the abusive exploitation of the program and was approved by the Cabinet," Koushos said.

Koushos said the government will consider its future policy to encourage investment after the completion of an inquiry conducted by the Attorney General.

The current investment program was launched by Cyprus in 2013 to help shore up its economy in the wake of the 2008 international financial crisis.

According to data released during a parliamentary debate on allegations of abuse of the program by criminals, about 3,300 so-called "golden passports" were issued to applicants after they invested 2.5 million euros each, mostly in properties.

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