It was announced today that Cyprus is suspending the Cyprus Investment Programme in its current form. Suspension will take effect from the 1st of November 2020. The Council of Ministers approved the suspension of the programme after a proposal from the Ministry of Interior and the Ministry of Finance.
The reasons for the suspension of the programme have to do with the existence of certain weaknesses of the programme and the fact that certain provisions of the programme have been abused. It remains to be seen whether the programme will be replaced by a new programme which addresses the weaknesses of the current scheme.
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