In light of the recent controversies surrounding the ‘Golden Via’ passport, the Cypriot government has announced that it will suspend its scheme.
As the name suggests, “Golden Visa” allowed foreigners to gain a Cypriot passport if they could a make a substantial investment in the island nation.
According to Kyriakos Koushos, a spokesman for the government, the move has been made due to the scheme’s inherent weaknesses and exploitation by applicants.
As of November 1, 2020, the scheme will go on the fritz.
Discussions will be made to create a new scheme, which will be replacing the Golden Visa.
The move comes years after Cyprus being pressured to suspend the Golden Visa scheme, mainly on the basis that the situation makes something as sensitive as the Cypriot as ‘up for sale.’
The scheme was originally set up in 2013.