Revocation of “Golden” Passports Underway in Cyprus
The Cyprus Investment Program is in the spotlight as efforts to revoke “golden” passports, or χρυσά διαβατήρια, from near 233 persons have been initiated. This group includes 68 investors or επενδυτές, with the remaining 165 mainly family members.
The revocation of these passports has been triggered by investigations revealing fraudulent activities by these individuals mainly involving financial scams and criminal activities. The Council of Ministers continues to uncover cases of large investors who have been involved in unethical activities unknown to the Republic of Cyprus when granting citizenship.
According to official data ascertained by the Ministry of Interior, commitment to uproot fraud is evident as another 23 investor-related cases are under scrutiny. At least three of them are expected to have proposals submitted for the revocation of their “golden” passports and their family members’ soon.
The grounds for the revocation of these passports are based on established situations where they were obtained through fraudulent measures. This includes misrepresentation, concealment of material facts, pending criminal crimes in their countries among others.
Defending the interests of the Republic and safeguarding the public interest, the Council of Ministers has the authority to revise the discrepancies leading to the naturalization of such individuals. The action aims to avert any further damage to the reputation of the Republic and prevent ongoing negative consequences of the past naturalizations.
In addition to this, the Council is actively inspecting a total of 3,517 “golden” passport holders. This investigation determines their compliance with the terms and conditions of naturalization set by the Cyprus Investment Program. The revocation measures are geared to uphold the integrity of Cypriot citizenship, thereby hindering αποστέρηση υπηκοότητας, or the deprivation of citizenship.
