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: ...
To continue reading this article...
Join International Investment
Signup and gain exclusive members-only insights
Join International Investment today
Unlock members-only benefits:
- Unlimited access to real-time news, industry insights, video features and market intelligence
- Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
- Receive breaking news stories straight to your inbox in the daily newsletters
- Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
- Members-only access to the Editor’s weekly news roundup newsletter
- Members-only access to analysis via our exclusive industry polls
- Be the first to hear about our events and awards programmes
