Cyprus terminates its Citizenship by Investment Programme from 1 November 2020

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

info@navigator-consulting.com

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

Reaction to the Al Jazeera Investigations video of Cyprus