Cyprus will end the controversial “European passport” program, which has been criticized by the European Union. It allowed third-country nationals to acquire citizenship in exchange for investment.
Representatives of the Cypriot government acknowledged that the decision was taken in the light of the programme’s persistent shortcomings and its abuse. It will end on 1 November, but 700 applications will be processed by that date.
Until now, investors from third countries have been able to obtain Cypriot citizenship if they have invested at least $ 2.5 million in their economy.
Media and critics of the idea said many of the holders of the new passports were involved in corruption and money laundering and were Russian citizens.
In the past, Moscow’s dissatisfaction was also caused by Cyprus’ tax policy, which allowed the Russian people to withdraw funds from the country, and this year, after lengthy negotiations, the two countries reached a compromise.
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