Cyprus: The Not So Avoidable End Of The Golden Passports Scheme

SectorFinancial Markets
CountryMiddle east

Recent events regarding the Cyprus Investment Program (CIP) of golden passports did not leave much room for its survival. For months, the scheme has been under intense scrutiny because of constant revelations and publications by international media organizations. The latest revelations from Al Jazeera on how the scheme really works, left the Republic of Cyprus fully exposed. Even worse, in a video revealed by the network, the now former President of the Parliament of the country, Demetris Syllouris, appeared ready to bypass the law and offer the state’s services to an investor who has been convicted of corruption and money laundering. The Cyprus Investment Program was abolished, following a decision by the Council of Ministers. ... [+] Photographer: Chris Ratcliffe/Bloomberg BLOOMBERG NEWS As more...