Cyprus scraps ‘golden passport’ funding device after Al Jazeer

Cyprus scraps ‘golden passport’ funding device after Al Jazeer

Greek Cypriot authorities announced the scrapping of its “golden passports” device for foreign merchants after an Al Jazeera documentary exposed the plot in which it changed into being mature by wished criminals from around the field. Cypriot govt spokesperson, Kyriakos Koushos, acknowledged that the cabinet had agreed an emergency assembly to kill the device subsequent month, as proposed by the finance and within ministers.
The ministers’ proposal changed into primarily primarily based entirely on “long-standing weaknesses, violation and exploitation of the terms of the funding programme”, Kouchos acknowledged.
The device, which accomplished some 7 billion euros, is anticipated to come to a shut on 1 November.
Authorities will entirely explore its policy to wait on investments after the completion of the investigation, the legit added.
The transfer got right here after an Al Jazeera English documentary published how officials perceived to relief a particular person, acting as a shopper, fabricate the passport despite having a felony file.
The alleged client changed into a reporter for the broadcaster and no longer an safe applicant, the network acknowledged.
Despite this, attorneys and proper property agents offered him to the funding device and then to excessive-ranking politicians, including Parliament Speaker Demetris Sailors.

The speaker has since stepped down from his blueprint as an investigation into the matter continues.
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