The cancellation of the Cyprus Citizenship for Investment program will deprive the state treasury of an estimated EUR 600 million in revenue.

“This is the most significant monetary loss of the country since 2013,” – said at the discussion of the budget of the Ministry of Internal Affairs in the parliamentary finance committee, its chairman Nikolas Papadopoulos.

Minister of the Interior Nikos Nouris reminded that his office is still considering 621 applications from investors and 722 applications from their family members before the program was cancelled. In the coming year they will bring to the state budget about 71 million euros.