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As you’ve probably heard Cyprus Citizenship by investment program has been canceled!
The straw that broke the camel’s back was the undercover investigation from a very well-known news portal Aljazeera.
They’ve found out some shady stuff happening in Cyprus with this program. They’ve been told that with the right amount of money everything is possible in Cyprus.
Does it surprise you? Doesn’t surprise us either. This is not so uncommon.
However, when it becomes news and gets broadcasted all over the globe it looks BAD.
Cyprus Citizenship by investment program was already frowned upon in the EU, even though it generated 8 billion dollars.
Finally, after this scandal, they’ve decided to revoke this program completely.
The question that arises is what will happen to other programs in the future? Are the doors of golden visas and citizenships by investment slowly closing?
Brussels has said it is considering legal action against Cyprus, Malta, and Bulgaria over their Citizenship by Investment schemes.
Aljazeera article about Cypriot citizenship by investment controversy, also known as Cyprus Papers:
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