Cyprus Government to Abolish Passport-by-Investment Scheme

By in
Cyprus Government to Abolish Passport-by-Investment Scheme

After being implicated in an investigation exposing Cyprus’ shady Passport-by-Investment Scheme, the President of the Cypriot Parliament, facing mounting political pressure to resign, announced yesterday that he would step down from his positions as both speaker of the house and lawmaker for the Cyprus parliament.

Two days following the bombshell investigation, Mr Syllouris finally agreed to step down, stating that he had initially refused to do so based on the firm belief that he had not done anything legally wrong and that my possible resignation would leave the impression to the contrary.

However after days of protests and reportedly receiving numerous letters from other MPs, he agreed to step down.

He also relinquished parliamentary immunity, marking the second politician to step down since the Al Jazeera investigation was published. Christakis Giovanis, an MP who is also one of Cyprus’ largest real estate developers, announced that he would leave office following the government’s decision on earlier this week to abolish its Citizenship by Investment Program.