Cyprus: Cyprus to suspend ‘golden passport’ scheme for wealthy foreigners

Cyprus will suspend its contentious “golden passport” programme offering nationality to wealthy foreign individuals, after a media sting exposed politicians pledging to help the application of a fictitious Chinese investor convicted of money laundering.

The Cypriot government said on Tuesday that the seven-year-old “citizenship by investment” programme would end on November 1 because of weaknesses and abuses. But EU officials and civil society activists questioned whether Nicosia would try to relaunch the scheme in amended form.

An Al Jazeera undercover investigation aired this week heaped further pressure on Cyprus after a series of scandals over the sale of passports to people accused of crimes or linked to corrupt regimes.

The original full article can be found at ft.com

 

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