Cyprus Cancels Citizenship For Investment Programme

Cyprus decided to discontinue the citizenship program after being accused of misusing the system. The suspension of the program in its current form will take effect on November 1.

The mechanism assumed that with investment payments of more than 2 million euros, Cyprus issued a passport of a citizen of the republic, which guaranteed visa-free entry to the European Union, which the island state joined in 2004.

The scheme, which has been criticized as opaque and associated with the risk of money laundering, has been popular with Russians, Ukrainians, and more recently with Chinese and Cambodians.