Cyprus suspends controversial citizenship scheme
The European country of Cyprus has decided to suspend a controversial citizenship scheme, which grants citizenship to those who invest a minimum of 2 million Euro in the country.
The scheme has come under spotlight after an investigation conducted by a renowned International media house exposed the flaws in the admiration of the scheme.
The investigation exposed how the scheme was misused by a Chinese businessman to acquire the citizenship of the country.
The decision is expected to come into force in the near future itself.
It was in the year 2004 Cyprus was offered a membership in the European Union.
What comes naturally with the citizenship of Cyprus is an opportunity to access the facility of visa free entry to any country in the European Union.
Cyprus is at present one of the very few countries in the continent of Europe which offers the opportunity of securing citizenship in exchange of investment.
Earlier, the EU warned its member countries to stay vigilant while offering citizenship in exchange of investment.
It is not clear whether any other country in the continent will follow the footprint of the European country of Cyprus.
It is important to make sure the citizenship in exchange of investment is not misused.
Photo Courtesy: Google/ images are subject to copyright