A total of 304 people, including 88 investors and 216 family members, have lost their citizenship in Cyprus obtained through the country’s Golden Visa Program after being linked to fraud, criminal charges or false representation.
Authorities in Cyprus have intensified their efforts to revoke the citizenship of a large number of people who obtained it through the country’s Citizenship-by-Investment scheme, amid concerns of their involvement in irregular affairs such as money laundering and corruption, according to Schengen.News reports.
The Golden Passport Program of Cyprus, known as the Citizenship-by-Investment scheme, allowed non-EU nationals to obtain citizenship in exchange for financial investments and meeting the needed requirements.
However, reports showing its involvement in irregular affairs such as corruption and money laundering led the country’s authorities to terminate the scheme in 2020.
Citizenship can be revoked under various circumstances, including false declarations and misleading information, criminal convictions, as well as criminal proceedings and wanted status, among others.
Before the finalisation of the citizenship revocation in Cyprus, the country’s Cabinet first notifies the persons, permits a formal objection, takes into account the committee’s opinion and also issues a formal decree revoking the citizenship.
Amid concerns over irregular affairs that were part of this scheme, authorities in Cyprus have tightened the rules, investigating each case individually.
In this regard, the Interior Minister of Cyprus, Constantinos Ioannou, told Politis that all cases are being investigated.
Our goal is to ensure the credibility of our naturalisation process and protect the core values of the Republic. No one is above the law.
77 More Passports Revoked
In November last year, it was reported that authorities in Cyprus revoked a total of 77 passports granted through the Golden Visa Passport program.
Among them, according to a report published back then by Politico, were also Russian oligarch Alexei Kuzmichev, metals magnate Oleg Deripaska, former FSB investigator Sergey Kovbasyuk, Ukrainian billionaire Ihor Kolomoisky, as well as fugitive Malaysian financier Jho Low.
Since its introduction, the Golden Passport Program of Cyprus has brought significant contributions to the country’s economy.
Local media reports revealed that more than €7 billion was brought to Cyprus through the Golden Passport scheme.
In spite of bringing significant contributions to the country’s economy, a report from Al Jazeera revealed that the scheme facilitated several irregular affairs, including tax evasion, money laundering and corruption, therefore, it was terminated back in 2020.