Cyprus closes citizenship by investment program

From November 1, a program under which foreigners could obtain citizenship in exchange for investments ceases to operate in Cyprus. It has existed since 2013 and brought the country about 8 billion euros of investment. In exchange, the Cypriot authorities issued about 4,000 "golden passports".

the cancellation of the program The country's government announced on October 13, explaining its decision by "long-term shortcomings and abuses." The Cypriot authorities will look for new methods to attract investors, said a government spokesman.

The decision was made the day after the Al Jazeera investigation aired on the involvement of officials in violations in the granting of citizenship. Prior to this, Al Jazeera published a series of investigations called Cyprus Papers, in which they spoke about 100 holders of the "golden passports" of Cyprus. “Dozens of participants in money laundering schemes, convicted fraudsters and politicians accused of corruption hold Cyprus golden passports,” the materials said. After that, the Cypriot authorities announced that they would check all the "golden passports" issued over the past 18 years.

Prior to this, Cyprus tried to solve the problems of issuing "golden passports" without closing the program. In August, the authorities tightened the requirements for investors wishing to obtain citizenship. They were checked for involvement in money laundering and threatened with deprivation of citizenship for violating the law.