Nicos Anastasiades

Controversial Cyprus passport scheme will not be replaced, says president

A controversial citizenship-for-investment program scrapped by Cyprus in late 2020 had shortcomings and will not be replaced, President Nicos Anastasiades said on Tuesday.

Cyprus earned more than 9 billion euros ($10.8 billion) from a scheme awarding passports to foreign investors between 2013 and 2019, but the program unravelled amid reports of abuse and EU misgivings.

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