An IMGW News Report
The political landscape in Cyprus was jolted this week by news that Marios Demetriades, former Minister of Transport, Communications and Works, has been charged in connection with Cyprus’ now-defunct Citizenship by Investment Programme. Demetriades is accused of money laundering, corruption, bribery, and interfering in the naturalisation approval process. More than 20 citizenships granted through the programme are currently under investigation.
Demetriades has vehemently denied the charges, calling them “pre-decided targeting” and “false claims and malicious charges.” In a statement, he expressed his trust in the justice system: “For four years as Minister of Transport, Communications and Works, I served responsibly and with integrity, always prioritising public interest. Despite thorough scrutiny of my personal, family, and professional life, as well as my political decisions, nothing untoward was found.” He further added, “This targeting was pre-decided to divert attention from those truly responsible for the Citizenship by Investment Programme. I am confident the truth will prevail in court.”
The indictment lists more than 50 charges against eight individuals and two legal entities, including Demetriades’ father and two siblings, all linked to the family law firm involved in the naturalisations. Other defendants include a lawyer from the firm, a foreign investor, an embassy staff member in China, and her spouse.
According to Cyprus Mail, those implicated will receive indictments in the coming days, with the case expected to proceed to Nicosia’s criminal court next month.
The family law firm, Andreas Demetriades & Co. LLC, has also spoken out, insisting they have been unfairly targeted to shift blame for the Citizenship by Investment Programme’s failures. They look forward to presenting their arguments in court, countering what they describe as “false testimony, unsubstantiated assumptions, and arbitrary conclusions.”
The Citizenship by Investment Programme, which allowed foreign nationals to acquire Cypriot citizenship in exchange for investments exceeding 2 million euros, was abolished in 2020 following an undercover investigation by Al Jazeera. The investigation revealed rampant corruption and exposed how the government had approved passports for international criminals and fugitives, drawing sharp criticism from the European Union and sparking public protests.
Cypriot authorities continue to scrutinise cases linked to the programme, recently reviewing 100 citizenships granted under it.
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