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After outcry, Cyprus suspends its citizenship for cash programme

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For a minimum investment of €2 mil, the scheme would guarantee visa-free travel in the European Union. FMTNews Passport Citizenship

NICOSIA: Cyprus said it was suspending a controversial citizenship for investment programme on Tuesday following reports of abuses of a system that gives the rich a passport and visa-free travel throughout the EU.

Syllouris, 67, is the second highest-ranking state official in Cyprus after President Nicos Anastasiades. He said he would withdraw until an investigation was complete. The suspension of the programme, in its current form, would take effect from Nov 1, government spokesman Kyriakos Koushos told journalists after an emergency session of the island’s cabinet.

The persons filmed in the documentary claimed entrapment and said they had reported the matter to authorities months ago.

 

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