NICOSIA: Cyprus said on Tuesday it will scrap its controversial "golden passports" scheme for foreign investors next month over alleged abuses uncovered in a television programme. Government spokesman Kyriakos Koushos said the cabinet had agreed in an emergency meeting to abolish the scheme as proposed by the finance and interior ministers.
"The proposal of the two ministers was based on long-standing weaknesses, abuse and exploitation of the provisions of the investment programme," Koushos said. Koushos said the scheme, which has generated seven billion euros ($8.25 billion), would be brought to an end on November 1.
The move came hours after Qatar-based broadcaster Al Jazeera aired an hour-long programme showing its reporters pretending to represent a Chinese businessman keen to acquire a Cypriot passport despite him having a criminal record.
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