29/04/22

CYPRUS: Meeting could decide if citizenship probe will end in court.

As published on cyprus-mail.com, Friday 29 April, 2022.

Long-awaited developments in the course of action following the collapse of the investment for passport scheme are expected on Friday as key investigators are meeting to discuss the steps forward.

Police chief Stelios Papatheodorou is to update Attorney General Giorgos Savvides and his deputy of the process so far, where the latter are due to give orders as to how to proceed.

Local media reported that over 100 naturalisations are under investigation, with some of the files already completed but that further instructions are needed before the cases are possibly sent to court. Previous reports pointed to one case potentially ending up in court in May.

Earlier this year it was announced that the legal service’s review of the police case, which was handed over to the office after its own investigation into the ‘Cyprus Papers’, is in its final phase.

A probe into Cyprus’ now defunct citizenship by investment (CBI) scheme found that 53 per cent of the 6,779 citizenships – provided for a minimum €2m investment – were given unlawfully and said politicians and institutions had political responsibilities while certain applicants and service providers may be held criminally culpable.

The probe covered the period between 2007, when the scheme was introduced, and August 2020.

Following media exposes pointing to corruption, the CBI was axed on November 1, 2020.

From the 6,779 naturalisations 3,609 individuals, or 53 per cent, concerned family members and company executives, which were naturalised unlawfully, the investigating committee found.

According to the report, of the 47 per cent of applications that were lawful, 34 per cent did not satisfy all the criteria.