Cyprus Strips 304 Individuals of Citizenship Amid Golden Passport Scandal
Cyprus Cracks Down on Golden Passport Abuse: 304 Citizenships Revoked
Cyprus’s Golden Passport Program, officially known as the Citizenship-by-Investment scheme, once enabled non-EU nationals to obtain Cypriot citizenship in return for significant financial investments and compliance with eligibility criteria. While the program attracted billions in foreign capital, it was marred by allegations of corruption, money laundering, and other irregularities, prompting the government to terminate the scheme in 2020.
Under Cypriot law, citizenship can be revoked for various reasons, including false declarations, misleading documentation, criminal convictions, ongoing legal proceedings, or an active international arrest warrant. The revocation process is carried out systematically—starting with a notification from the Cabinet, an opportunity for the affected individuals to submit objections, and a review by an independent committee before a formal decree is issued.
In light of these concerns, Cypriot authorities have tightened regulatory controls and are now reviewing each case individually. Interior Minister Constantinos Ioannou confirmed to Politis that every case is under thorough investigation.
Additional Revocations: 77 More Passports Canceled
In November 2023, Cypriot authorities revoked 77 additional passports issued under the scheme. According to Politico, the list included several high-profile individuals:
- Alexei Kuzmichev – Russian oligarch
- Oleg Deripaska – Russian metals magnate
- Sergey Kovbasyuk – Former FSB investigator
- Ihor Kolomoisky – Ukrainian billionaire
- Jho Low – Malaysian financier linked to the 1MDB scandal
Economic Impact and Controversy
Despite its flaws, the Golden Passport Program contributed over €7 billion to Cyprus’s economy, according to local media. However, investigative reports—including one by Al Jazeera—highlighted the program’s role in enabling tax evasion, illicit financial flows, and abuse of EU mobility rights.
As a result, the government dismantled the scheme to safeguard the country’s legal and financial reputation, and is now focused on ensuring accountability and transparency in the aftermath.
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