Cyprus to Abolish its Golden Passport Program

Cyprus will abolish its ‘golden passport’ program, the government announced on Tuesday, just one day after the publication of an investigation which revealed how public officials were willing to bypass safeguards and provide citizenship to convicted criminals. Following a meeting with the Council of Ministers in Nicosia, Government spokesperson Kyriacos Kousios told reporters that the decision was reached based on “permanent weaknesses and the abusive exploitation of the provisions of the Cyprus Investment Program.” One implicated high-ranking government official subsequently stepped down. The country’s ‘golden passport’ scheme – which has injected US$8 billion into its economy since 2013 – will be terminated…