Cyprus will scrap its controversial”gold passport” strategy that allowed citizenship along with also a European Union passport into people willing to cover.
“no other European gold visa application guarantees such guaranteed outcomes providing an EU second passport in only two to three weeks,” the official site states.
The program cancellation comes after an investigation by Al Jazeera disclosed that Cypriot officials were promoting the passports into a Chinese businessman using a documented criminal record.
Officials that surfaced in camera footage from Al Jazeera comprised Parliamentary President Demetris Syllouris who’s resigned from his duties pending an evaluation. MP Christakis Giovanis has also resigned because the analysis dipped on Monday.
Cypriot President Nicos Anastasiades hosted a Council of Ministers meeting on Tuesday through which authorities finance and interior ministers filed a proposition to abolish the plot.
Government Spokesman Kyriakos Koushos stated the”proposal was predicated on the long-term flaws, in addition to the violent manipulation of the terms and conditions of this Cyprus Investment Programme.”
The strategy is going to probably be canceled by November 1.
“We saw disbelief how high scale officials had been trading European citizenship because of monetary earnings,” said EU Commission spokesperson Christian Wigand in a media briefing. He also added that Commission President Ursula von der Leyen” was apparent when stating European values aren’t suitable for sale”
“The Commission is now considering compliance with EU regulation of the Cypriot plot given potential breach proceedings,” Wigand said.