Cyprus is suspending a schemethat grants citizenship and guarantees visa-free travel throughout the EU forthose who invest a minimum of €2m. The move comes into force next month (firstof November 2020).
The decision is taken after thepolitical scandal, in which Al Jazeera reporters filmed Cypriot officials usingthe scheme to assist a fictional Chinese businessman with a criminal record.
In the video footage released onMonday, Cyprus's parliamentary speaker appears to offer his influence to assistin obtaining citizenship for the fictitious businessman.
13.10.2020 second-highest rankingstate official released a statement apologizing for "this unpleasant imageconveyed to the Cypriot public... and any upset it may have caused". Hisannouncement came shortly after the government said it had approved a proposalto suspend the scheme - the citizenship for investment program.
In a statement posted on Twitter,the office of Cypriot President Nicos Anastasiades said the proposal was put forwardin response to "weaknesses" in the scheme that could be"exploited".