In 2007, after Cyprus joined the European Union, the state began offering citizenship in exchange for investment This was known as the ‘Golden Passport’ program.
The initiative allowed foreign investors who agreed to invest at least $2million into the country to be granted Cypriot citizenship. This allowed foreigners to obtain an EU passport and access to visa-free travel and residence within the EU. Cyprus acquired over 7 billion euros from the scheme.
As anticipated in our blog titled “The possible end to Cyprus and Malta’s golden passports”, the European Commission had carried out investigations into the Golden Passport scheme in response to corruption allegations. Last year, it was found that more than half the passports Cyprus issued under the investment scheme were issued illegally, and the program was terminated after a corruption scandal. The European Commission’s legal actions against Cyprus are still ongoing.
After an independent investigation by the Cyprus cabinet, it was recently announced that 45 foreign investors and relatives who obtained Cypriot passports through the investment scheme would have their citizenship revoked. It was reported that 53 percent of the 6,779 passports issued under the scheme were granted illegally, and pointed to insufficient background checks.
This may lead to further scrutiny of any persons issued Cypriot passports under the scheme. Those persons residing in the UK who may be affected should seek legal advice with respect to their immigration status.
If you have any queries relating to the blogs published, or are interested in talking to us about your specific circumstances, please do not hesitate to contact us for advice, send us an e-mail, or alternatively, follow us on Twitter, Facebook, or LinkedIn to stay-up-to-date.
The information in this blog is for general information purposes only and does not purport to be comprehensive or to provide legal advice. Whilst every effort is made to ensure the information and law is current as of the date of publication it should be stressed that, due to the passage of time, this does not necessarily reflect the present legal position. Gherson accepts no responsibility for loss which may arise from accessing or reliance on information contained in this blog. For formal advice on the current law please don’t hesitate to contact Gherson. Legal advice is only provided pursuant to a written agreement, identified as such, and signed by the client and by or on behalf of Gherson.
©Gherson 2021