As of November 1st, Cyprus will suspend its existing citizenship by investment programme.
Although the benefits of such a programme are beyond question – FDI into the local economy and providing an opportunity for people and their families – the problem has been the misfeasance on the part of a few bad apples.
What is certain is that on November 2nd all real estate in Cyprus associated with the citizenship programme will essentially be worth zero and real estate prices generally will start to collapse. This will, in turn, create a negative cascade effect throughout the economy.