Cyprus suspends its citizenship for cash program

Cyprus said it was suspending controversial citizenship for investment program on Tuesday following reports of abuses of a system that gives the rich a passport and visa-free travel throughout the EU, Report says.

The program's criticism reached ahead after the Al Jazeera network secretly filmed a state official, a lawmaker, and a lawyer attempting to help an imaginary Chinese investor - with a criminal record - get a passport.

A criminal record should disqualify a candidate.

Several news outlets, including Reuters, have carried reports in the past two years on a scheme where thousands of foreign investors with deep pockets have leapfrogged over usually arduous citizenship processes, including those born on the island.

Parliamentary speaker Demetris Syllouris, seen in the video offering to use his influence in getting the investor a passport - and suggesting alternatives if that failed - said he would be standing down from his duties from Oct. 19.
The suspension of the program, in its current form, would take effect from Nov. 1, government spokesman Kyriakos Koushos told journalists after an emergency session of the island's cabinet.