The Cyprus Investment Program is abolished as of November 1st

Defence Redefined

Published on 13/10/2020 at 11:42

Following a proposal by the Minister of Finance and the Minister of Interior, the Cabinet has decided to abolish the current Cyprus Investment Program (CIP), said Government Spokesman Kyriakos Kousios.

The proposal of the two Ministers was based on the timeless weaknesses and the abusive exploitation of the provisions of the program, said Mr. Kousios in statements after the end of an extraordinary meeting of the Cabinet at the Presidential Palace.

He also said that the abolition of the program will be valid as of November 1, 2020.

The Government Spokesman also said that the Government will fully consider its policy to encourage investment after the completion of the investigation conducted by the Attorney General.

Asked if there will be a new program, mr. Kousios replied that the investigation by the Attorney General should be completed first.

Asked to comment on what came to light with the Al Jazeera video, the spokesman said he did not want to make another statement.

He also said that today the Cabinet did not discuss coronavirus issues.

Source: CNA

Also read: “The Cyprus Papers” | Al Jazeera “blows up” Cyprus Republic with videotaped discussions