Cyprus, which is a member of the European Union, has illegally sold thousands of passports to non-Europeans, including Russians. According to the state supervisory authority, from 2007 to 2020, documents from 3517 applicants and 3810 of their close relatives were considered under the Golden Passport (Citizenship by Investment) program.
"Golden Passport"
Participation in the Golden Passport program (Citizenship by Investment Program, CIP) provides citizenship to individuals, and in some cases their families, provided that they have invested at least 2,5 million euros in the country and have met several requirements. The Cypriot passport is an EU passport that provides freedom to travel, reside and work throughout Europe.
Bribery of officials
Among the Cypriot passports from 2007 to 2020, many were illegally issued, for example through bribing high-ranking government officials. In this regard, the speaker of parliament has already resigned, as he personally "arranged" requests for citizenship. He, along with three other officials, was charged with corruption.
Criticism of golden visas
The European Union has repeatedly sharply criticized the practice of so-called "golden visas", which, for example, was also used by Malta. This benefited, for example, the Russian oligarchs (elite). Some of their EU passports have subsequently been revoked.
However, according to the President of Cyprus, Nikos Anastasiadis, the “golden passports” managed to raise 9,7 billion euros, and this money was urgently needed, especially in connection with the serious financial crisis in the country in 2013.
Publication Date: 12.09.2022
