Cyprus suspends golden passport scheme as sting exposes officials

clock • 2 min read

Cyprus has announced it is suspending its controversial investment-for-citizenship programme following a series of scandals. The scheme is to be stopped on 1 November following an undercover investigation by Al Jazeera revealed government officials waiving through applications from a ficticious Chinese investor and convicted criminals. The European Commission is already mulling legal action to annul such "golden passport" schemes in Cyprus, Malta and Bulgaria. The EC yesterday said it was "alarmed" at the reports. In a statement yesterday Christian Wigand of the EC told reporters: ...

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Author spotlight

Christopher Copper-Ind

Christopher Copper-Ind is editor-in-chief of International Investment. Before this, he was editorial director of The Business Year, from 2014 to 2017.