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Foreign interest in Cyprus remains high despite scrapping of passports programme
November 25, 2020
Foreign investors’ interest in Cyprus remains robust despite the scrapping of the Citizenship-by-Investment (CBI) programme, MPs were assured on Tuesday.
Legislators were discussing the potential fallout on foreign investment here after the government hurriedly nixed the CIB last month amid more revelations of impropriety.
Over the years the CBI had brought in billions in foreign investment, primarily in real estate. But Cyprus’ programme drew scrutiny from the European Commission, which suggested the island was ‘selling’ European passports to foreign nationals without any real bonds to the country.