01/09/22

CYPRUS: Seven More “Golden Passports” to Be Revoked.

As published on schengenvisainfo.com, Thursday 1 September, 2022.

Seven more passports that were granted through the Golden Passport scheme will be revoked by authorities in Cyprus.

Such a decision has been confirmed by Cyprus Interior Minister Nicos Nouris, SchengenVisaInfo.com reports.

Nouris added that the passports through the Citizenship by Investment Program (CIP) were granted to four investors as well as three of their family members.

In addition, the Minister explained that the cabinet’s decision was taken following the findings of the Myron Nikolatos inquiry committee, the sanctions imposed by the European Union as well as the current legislative framework, as reported by Cyprus Mail.

The Citizenship by Investment scheme, also known as the Golden Passport program, permitted wealthy internationals as well as their family members to acquire citizenship in Cyprus if they made a specific amount of money investment and met the requirements.

However, the program was often criticized for being a gateway for many illegal affairs, including corruption and money laundering.

Authorities in Cyprus abolished such a scheme following an investigative report of Al Jazeera, also known as “the Cyprus Papers”, which among others, revealed that from such a program also benefits criminals with a US $2.5 investment in Cyprus while it also granted many Russian clientele access to live, travel and work in EU countries.

According to local media reports, the cabinet has revoked a total of 45 passports up to this point, following incriminating evidence from investigations carried out in this regard.

Recently it has been reported that the former President of Cyprus Parliament, as well as three other Members of Parliament, were charged with corruption over their involvement in the CIP, based on the report provided by the Attorney General.

It has also been reported that the four are due to stand trial in Nicosia on September 12.

Cyprus’ Citizenship by Investment program remained rotten until the end, causing the loss of millions in public revenue, the Audit Office found.

Besides, according to the Audit Office, several actions of the Cyprus authorities could account for criminal acts.

According to government spokesman Marios Pelekanos said that a response would come in the name of the government

In this regard, government spokesman Marios Pelekanos pointed out that a response would come in the name of the government “as soon as possible, after the findings of the report are studied with due diligence, alongside the findings of the [separate] Nicolatos inquiry and always taking into account the opinions of the attorney-general.”

It was also reported that for a period from 2007 to 2020, a total of 3,517 people and 3,810 of relatives acquired citizenship in Cyprus.