The Cyprus Citizenship for Investment Program was terminated once and for all, said Interior Minister Nikos Nouris speaking to the Parliamentary Committee on Financial and Budgetary Affairs.

The Minister noted that the government was planning new ways to stimulate the country’s economy. At the same time, he stressed that the work on the investment program for his agency is not finished yet – it should still be able to control those who have already received passports, in the middle of the process of checking the citizenship approved in previous years, plus many previously submitted applications are still under consideration.

According to Nouris, 691 applications for naturalization of investors and 722 applications from their family members are currently under consideration. The Cypriot budget is expected to be replenished with €71 million from these applications.