According to IMI News Cypriot authorities announced earlier today that they would terminate the country’s very popular and highly successful citizenship by investment program following a video report published yesterday by Al Jazeera in which House President Syllouris, Akel MP Christakis Giovanis, and several others appear to have indicated their willingness to assist a Chinese businessman with a clearly questionable profile.

The program, according to a government spokesman who made a statement following an emergency cabinet meeting today, will close on November 1st. The spokesman added that the decision was based on a proposal from Interior Minister Nicos Nouris and Finance Minister Constantinos Petrides and that the establishment of a new CIP would be examined upon the completion of the ongoing review.

The Office of President Nicos Anastasiades today tweeted the following (translated with Google): “The Council of ‘Ministers approved the proposal of the Ministers of Finance and Interior for the abolition of this investment program from 1/11/20. The proposal was based on the timeless weaknesses but also on the abusive exploitation of the provisions of the program.”

Posted by Mayar Rehema

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  • diziler

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