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ARTICLE · 05 APRIL 2021

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Cyprus Investment Programme Cancelled

Eurofast
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In an Extraordinary General Meeting of the Cyprus Parliament on 13 October 2020, the Council of Ministers has voted and decided to cancel the Citizenship by Investment Programme

CyprusCorporate/Commercial Law
Eurofast
Eurofast
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In an Extraordinary General Meeting of the Cyprus Parliament on 13 October 2020, the Council of Ministers has voted and decided to cancel the Citizenship by Investment Programme. In its official press release, the Republic of Cyprus announced that the proposal for cancellation was based on the long-standing weaknesses but also on the abusive exploitation of the provisions of the programme, with an immediate launch of investigation into possible criminal offenses.

The programme's cancellation comes after an investigation by Al Jazeera which publicly aired on October 12, 2020 exposing Cypriot officials abusing policies and regulations by offering citizenship to businessmen with reported criminal record.

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