Cyprus Has Revoked 222 Passports Granted Through Golden Passport Scheme
A total of 222 passports obtained through Cyprus’ Citizenship by Investment Program (CIP), sometimes known as the “Golden Passport” scheme, have so far been canceled by the country’s authorities.
The decision has been made, according to the report published by AP, as part of efforts to restore a reputation damaged by this program, which has frequently come under fire for being involved in various illegal activities like as money laundering and corruption.
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Niovi Parisinou, a deputy government spokesman, emphasized that these figures also include 63 investors and 159 members of their families, including spouses, kids, and parents.
Rich foreigners might become citizens of Cyprus under the Golden Passport program if they completed certain requirements and made an investment of at least 2.5 million euros.
The initiative significantly boosted the economy of the nation and attracted affluent investors, particularly from China and Russia. However, the program was frequently criticized for engaging in numerous illegal activities, such as money laundering and corruption.
Additionally, the Cyprus Papers investigation, previously provided by Al Jazeera, indicated that this scheme also benefited people engaged in illicit activities, with the United States receiving $2.5 million.
In response to the Al Jazeera findings, Cyprus’ government decided to end this initiative in 2020. According to data from the Cyprus Probe study from last year, 6,779 Cypriot citizenships were issued overall through this procedure between 2007 and 2020.
According to Niovi Parissinou, the deputy government spokeswoman, the government of Cyprus stripped citizenship from ten people in October of last year as a result of the Interior Ministry’s inquiries.
She emphasized at the time that, in addition to these incidents, six additional people had their Cypriot citizenship revoked by Cypriot officials.
In a previous report, the Audit Office also discovered that Cyprus’ Golden Passport scheme continued to be corrupt up until the very end, resulting in a large loss of public funds.
Additionally, the report highlighted that a number of government officials from Cyprus may have committed crimes as a result of their conduct.
A government spokesman on the subject, Marios Pelekanos, emphasized that a response would be provided in this regard, on behalf 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.”
The Audit Office’s audit also showed that a significant percentage of golden passports issued by Cyprus’s government were illegally obtained by foreigners.
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