Cyprus will not replace its CBI program, officials said

By Uglobal staff

Cyprus will not replace its suspended citizenship by investment program, according to Cypriot President Nicos Anastasiades. The announcement laid to rest rumors that the country was gearing up for a stricter and more robust program for investors in 2021. 

“There will be other incentives for investment, but not naturalizations," said Anastasiades this week when he appeared before an inquiry committee tasked with looking into Cyprus’ citizenship controversy.

Cyprus was forced to end its CBI program in November 2020 after investigative media reports revealed that top Cyprus officials allegedly were handing out passports to foreign criminals in exchange for large sums of money.

Cyprus passport scheme is estimated to have generated close to $11 billion for the eastern Mediterranean Island between 2013 and 2019. Over 3,000 people, many from China, Russia, Ukraine, and Cambodia were said to have gained passports via this CBI program.

The country's Association of Large Investment Projects this week also urged the Cypriot Foreign Affairs Minister Nikos Christodoulidis to take urgent steps that would pave the way for Cyprus for becoming part of the EU’s Schengen Area.

The association told the minister that the scrapping of the CBI program had deeply affected the country's investment environment and Cypriot entrepreneurs were now facing problems in attracting foreign companies. Christodoulidis gave assurances that all steps were being taken by the government, adding that the country was in the third phase of its EU accession process and Brussels wants to see Cyprus become a member of the Schengen Area.

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