Cyprus Withdraws 8 More Golden Passports

Eight persons have been stripped of their Cypriot citizenship acquired through the Golden Passport Program, known as the Citizenship by Investment Program.

The decision, confirmed by the Government of Cyprus, comes following the gathered evidence by investigators over irregular affairs related to this program, Schengen.News reports.

The Golden Passport Program of Cyprus, which permitted internationals to acquire citizenship in exchange for financial investments, was terminated in 2020, following a report by Al Jazeera which showed that the program was connected to several irregular affairs such as money laundering, tax evasion and corruption among others.

Following ongoing investigations related to irregular affairs that came from the Citizenship by Investment Scheme, authorities in Cyprus recently reported that the country’s former Transport Minister, Marios Demetriades, has been charged with offences related to corruption, money laundering and bribery.

However, in this regard, the Minister said that he was being made a scapegoat.

Police, under the supervision of the Law Office, are investigating more than 20 naturalisation cases that have been acquired through Cyprus’ Golden Passport Program.

In June this year, the Council of Ministers of Cyprus decided to revoke two more golden passports issued to Russian oligarchs.

According to local media reports, the two Russians acquired citizenship in Cyprus during the 2008-2013 presidency of Demetris Christofias.

During the same month, authorities in this country also withdrew the passport of Malaysian businessman Jho Low, acquired through the Golden Passport Program.

The businessman was wanted by Interpol for his involvement in several illicit acts.

In May this year, authorities in Cyprus announced that police are scrutinising 100 citizenships granted through the Golden Passport Program.

In December 2023, Cyprus announced that it would introduce the Golden Knowledge Program to attract tech talent and thus contribute to the country’s economic growth.

Announcing the new decision, Diko MP Nicolas Papadopoulos insisted that the scheme is not similar to the Golden Passport Program.

Papadopoulos stressed that the scheme is not a golden passport program but a golden knowledge program.

Source : https://schengen.news/cyprus-withdraws-8-more-golden-passports/