Cyprus Fines 10 Legal Firms Following Investigations Related to Golden Passport Scheme
The Chairman of the Association, Christos Clerides, has stressed that another ten legal firms are also being investigated, AtoZSerwisPlus.comreports.
According to a report provided by Philenews, a total of €70,000 in fines have already been paid related to the country’s Citizenship by Investment program.
Clerides added that they might be liable for disciplinary and even criminal offences related to the passport scheme, mentioning the Auditor’s General report provided last week.
The association will decide whether it will refer lawyers to the disciplinary council, which is the only authority able to revoke their licences, as reported by In Cyprus.
atozserwisplus.com recently reported that seven more passports that were granted through the Golden Passport scheme would be revoked by Cypriot authorities.
The decision was confirmed by the country’s Interior Minister Nicos Nouris, who added that the passport through the Golden Passport scheme was granted to four investors and their family members.
Besides, the Minister confirmed that the cabinet’s decision was taken following the findings of the Myron Nikolatos inquiry committee, the current legislative framework, as well as the sanctions imposed by the European Union.
The Citizenship by Investment Program (CIP) permitted internationals, together with their family members, to acquire citizenship in Cyprus if they made a financial contribution to this country.
However, authorities in Cyprus decided to abolish such a program which often has been criticised for being involved in illegal affairs, following the investigation report of Al Jazeera called “the Cyprus Papers”, which stressed that from the such program also benefited criminals with US $2.5 investment in Cyprus.
It has been reported that up to this point, the cabinet revoked 45 passports following incriminating evidence from investigations carried out related to the issue.
In addition, the report provided by the Audit Office revealed that CIP remained rotted until the end, causing profound losses in public revenue.
The report also stressed that several actions of the Cyprus government officials could account for criminal acts.
The government spokesman Marios Pelekanos confirmed that response in this regard 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.”
It has been reported that from 2007 until 2020, a total of 3,517 people benefitted from the Cyprus Golden Passport scheme.
