The Cyprus Government has announced it is terminating its Citizenship by Investment Programme “in its current form” from 1 November 2020. The decision followed Al Jazeera undercover investigations in to the CIP allegedly implicating developers and politicians selling passports to criminals.
Nicosia, Cyprus: 13 October 2020
Al Jazeera released its “Cyprus Papers” report on allegedly corrupt behaviour by 2 Cypriot politicians related to the Cyprus Citizenship by Investment Programme.
Following this event, both politicians, MP Christakis Giovani and Speaker of Parliament Dimitris Syllouris, have resigned their posts, while maintaining their innocence.
Cyprus Citizenship by Investment Programme allows individuals who invest over € 2 mln on property or other investments in the country to gain Cyprus citizenship. An analysis of the programmes can be found on the NavInvest Cyprus website here.
Navigator’s opinion on the Al Jazeera publications can be found here:
13 October 2020
23 August 2020
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Sources:
CyprusMail. 13 October 2020
Greek Reporter. 14 October 2020
Citizenship by Investment. 13 October 2020
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