The Cypriot government will not restore the Cyprus citizenship program for investment in a form similar or similar to that which was terminated after the Al Jazeera video scandal and the ensuing European Commission reaction. This was stated by the Finance Minister Konstantinos Petrides.

“The practice of systematic granting of citizenship under the condition of a predetermined amount of investment and without the requirement of investor’s communication with the country in the form of permanent residence will not return,” the minister said.

Petrides did not deny that the scheme contributed to the reduction of non-performing loans and created thousands of jobs after the crisis in 2013. However, he also recognized that the focus on the real estate sector has begun to create an imbalance in it at the expense of domestic demand.