The Cypriot government has announced a final decision regarding revocation of golden passports by investment, effective immediately. The decision did not came as a surprise for the public, considering years of debate and scrutiny from the European Union. Despite the fact that Cyprus Citizenship by Investment program was officially closed in 2020, it took almost five years for Cypriot competent authorities to adopt this decision.
Amongst foreign investors whose passports are renounced are high-net worth individuals from Russia, Uzbekistan, Iran and other countries. The decision does not affect main applicants, but also their family members.
The reason behind revocation decision is simple. The competent authorities of Cyprus in the course of their investigation found out a number of critical violations in the application process for a second passport. Amongst them are submission of fake documents or concealment of important information. Besides that, some of applicants did not have a clean criminal record, which is mandatory requirement for the application process. During the inspection it was also found that some of the applicant had been already in the prison detention while applying for a second passport.
According to the Cyprus effective legislation, submission of forged or false information in the course of the citizenship application process may result in the subsequent citizenship revocation. In a statement, the Cypriot government said that it had decided to renounce the program in order to “protect the country’s reputation and ensure the integrity of its citizenship.”
