Ilma Danielienė
Oct 12, 20202 min
The Cyprus Government has announced it is terminating its Citizenship by Investment Programme “in its current form” from 1 November 2020. The decision followed Al Jazeera undercover investigations in to the CIP allegedly implicating developers and politicians selling passports to criminals.
Nicosia, Cyprus: 13 October 2020
Al Jazeera released its “Cyprus Papers” report on allegedly corrupt behaviour by 2 Cypriot politicians related to the Cyprus Citizenship by Investment Programme.
Following this event, both politicians, MP Christakis Giovani and Speaker of Parliament Dimitris Syllouris, have resigned their posts, while maintaining their innocence.
Cyprus Citizenship by Investment Programme allows individuals who invest over € 2 mln on property or other investments in the country to gain Cyprus citizenship. An analysis of the programmes can be found on the NavInvest Cyprus website here.
Navigator’s opinion on the Al Jazeera publications can be found here:
Reaction to the Al Jazeera Investigations Video of Cyprus
13 October 2020
Al Jazeera Report on the Cyprus Citizenship by Investment Programme
23 August 2020
Navigator Consulting supports property, tourism and other investments in Cyprus and Greece, and has extensive experience in due diligence on tourism and property investments. Please contact us for more information.
For further information, please contact:
Philip Ammerman
Managing Director
Sources:
Behaviour that led to scrapping citizenship programme ‘catastrophic’ for economy
CyprusMail. 13 October 2020
Cypriots Furious Over Allegations of Corruption
Greek Reporter. 14 October 2020
Cyprus abolishes passport scheme from Nov1
Citizenship by Investment. 13 October 2020
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Reaction to the Al Jazeera Investigations video of Cyprus
Navigator Consulting. 13 October 2020
Al Jazeera Report on the Cyprus Citizenship by Investment Programme
Navigator Consulting. 23 August 2020
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Navigator Consulting. 10 August 2020