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Could there really be a new passport scheme?
October 19, 2020
Dispute rages over how important the citizenship scheme was to Cyprus while the government has already hinted of a different scheme, as called for by business groups
Questions have been raised about the importance of the citizenship by investment (CBI) scheme to the economy a few days after the government’s announcement of its termination as business groups, which have described the move as “catastrophic”, have already started calling for a new programme.
In an announcement issued on Tuesday, immediately after the government made its decision known, the Cyprus Chamber of Commerce (Keve) said “there will be negative effects on the entire economy, especially the sectors dealing with foreign investment.” The same view was expressed by the Federation of Employers and Industrialists (Oev), which called on the government “to undertake, without any delay, the formulation and operation of a new investment programme, without gaps and weaknesses.”