Cyprus scraps golden passport program after revelations
Cyprus announced unexpectedly on Tuesday that the controversial Citizenship by Investment Program would be abolished, following an emergency Cabinet meeting a day after Al Jazeera published a secret video alleging corruption in the island’s golden passport scheme.
According to government spokesperson Kyriacos Koushos, who spoke after the meeting at the Presidential Palace, the decision will take effect starting November 1.
The decision was based on proposals by Interior Minister Nicos Nouris and Finance Minister Constantinos Petrides, who also served as interior minister previously, the spokesman said.
Koushos said the establishment of a new passport scheme would be examined following the completion of an ongoing probe.
[Kathimerini Cyprus]
