11/05/22

CYPRUS: Two Cases Related to Golden Passport Program Handed Over to Attorney-General.

As published on schengenvisainfo.com, Wednesday 11 May, 2022.

Cyprus police officers have handed over to the Attorney-General two cases that have been involved in the Golden Passport Scheme, one of them relating to the investigative report published by Al Jazeera.

Such an announcement has been published through the recent report of Cyprus Property News.

According to the police spokesman, Christos Andreou, two files are now with the Attorney-General, and it will be decided whether they merit prosecution, SchengenVisaInfo.com reports.

Cyprus’ police spokesman Andreou confirmed that one of the two cases “relates to the revelations by al Jazeera, they are before the Law Office of the Republic [attorney-general’s office], and we await instructions.”

In addition, he added that the police officials are investigating more than 100 cases relating to the naturalisation of internationals, while he stressed that the investigations are into possible criminal offences.

When asked how these investigations are proceeding, Andreu stressed that many of them are at “an advanced stage”.

Recently, a report published by the Italian network RAI, known as “Kremlin’s children,” describes Cyprus as a place that grants asylum to businesspeople who want to keep their business private.

This was not the first time the CIP program has been criticised by media and organisations for being involved in illicit affairs, such as corruption, money laundering and other illicit affairs.

In this regard, the EU Commissioner for Justice and Consumers, Didier Reynders, stressed that the sale of EU citizenship through these schemes is an unlawful act under EU law, and it poses serious risks to the security of the EU Member States.

“European values are not for sale… Therefore, all Member States concerned should end their investor citizenship schemes immediately. In addition, they should assess whether they should revoke any ‘golden passports’ already granted to sanctioned individuals and others significantly supporting Putin’s war,” the Commissioner pointed out in this regard.

Through the Cyprus Citizenship by Investment Program (CBI), also known as “golden passports”, nationals from third countries are eligible to get nationality rights if they make a specific amount of money investment.

In addition, Cyprus was also known for its Residency by Investment Program, or “Golden Visa” program, which permitted wealthy foreigners from other countries to acquire residency in this country, provided they made the specific amount of money investment.

Previously, authorities in Cyprus announced that their much-criticised Golden Visa Program would be put to an end on November 1, despite the fact that it brought many benefits to the country’s economic sector.