A total of 22 cases related to the Cyprus’ Golden Passport scheme have been forwarded to the Law Office for renewal and further action.
Local media reports said that investors are recommending that evidence is enough for criminal proceedings to be conducted.
The cases were related to the naturalization of international investors and businessmen by the same provider, with investigations lasting more than two years.
Cyprus Golden Passport Scheme, known as the Citizenship by Investment Program (CIP), permitted wealthy foreign investors to acquire citizenship in this country provided they made a financial contribution and met specific conditions.
However, the program was involved in illegal acts such as corruption and money laundering, as revealed by a report from Al Jazeera called “The Cyprus Papers,” which led the latter’s authorities to terminate it in 2020.
Authorities in Cyprus granted over 7,000 golden passports under this program for a period from 2007 until 2020. Foreigners were required to invest at least €2 million in order to benefit from this scheme, which was very popular among Russian and Asian investors.
Cases related to unlawful acts as a result of the Golden Passport Scheme in Cyprus are not a few. Last month, four people were accused of helping internationals to acquire golden passports in exchange for bribes in violation of this scheme. They will appear in front of the Criminal Court on the first hearing schedule that is scheduled for October 11.
In January this year, Cyprus revoked 222 passports granted through the Citizenship by Investment scheme. Deputy government spokesperson Niovi Parisinou said that such figures also included 63 investors and 159 of their relatives, including their spouses, children, and parents.
Unlawful affairs related to the CIP were also revealed by the Audit Office. The same noted that the scheme remained rotten until the end, thus causing the loss of millions in public revenue.
The same noted that several actions of the government of Cyprus officials could account for criminal acts.
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.”
The Audit Office brought to light the fact that many golden passports issued by Cypriot authorities were acquired in an unlawful way by foreigners.
