An IMGW News Report
Cyprus has revoked eight more citizenships granted through its now-defunct Golden Passport Programme, officially known as the Citizenship by Investment Scheme. This action follows evidence of irregularities in the programme, which allowed foreigners to obtain Cypriot citizenship in exchange for substantial financial investments. With this latest move, over 20 cases are now under investigation, with the scheme linked to money laundering, corruption, and tax evasion.
The Golden Passport Programme was terminated in 2020 following an exposé by Al Jazeera that revealed widespread abuses, including the involvement of high-profile individuals in illicit activities. In June 2024, Cyprus also revoked the citizenships of two Russian oligarchs and Malaysian businessman Jho Low, who was wanted by Interpol for multiple illegal activities.
Among those charged in connection with the scheme is former Transport Minister Marios Demetriades, who faces accusations of corruption, money laundering, and bribery. Demetriades denies the charges, claiming he is being scapegoated and expressing confidence that the legal system will clear his name.
In response to these controversies, Cyprus introduced the Golden Knowledge Programme eight months ago, aimed at attracting highly skilled professionals in technology, research, and innovation to promote sustainable economic growth. Unlike the discredited Golden Passport Programme, this initiative prioritises expertise and knowledge over financial investments.
To further support this shift, the Cypriot government passed new legislation easing citizenship requirements for foreign tech professionals. The amended Civil Registry Law allows the Interior Minister to fast-track applications from researchers and innovators, provided they demonstrate Greek language proficiency, financial self-sufficiency, a clean criminal record, and some residency. Supporters argue that this will strengthen the tech sector, which contributes €3.2 billion annually, while avoiding the controversies of the previous scheme. However, some MPs raised concerns about potential exploitation and unsuccessfully sought to cap citizenship grants under the new programme.
