- Background of the Program
The Golden Passport Program, also known as the Citizenship by Investment Scheme, allowed wealthy foreigners to acquire Cypriot citizenship by investing at least €2.5 million. It was operational from 2007 to 2020. - Termination of the Program
The program was terminated in 2020 after investigations, including Al Jazeera’s “Cyprus Papers,” revealed widespread irregularities, such as links to corruption and money laundering. - Total Revocations to Date
With the recent action, Cyprus has revoked a total of 222 passports granted through this scheme. This includes both primary investors and their family members. - Reason for Revocation
The latest 77 passports were revoked following an internal audit and recommendations by Cyprus’ Interior Ministry, which highlighted illegal acquisitions under the scheme. - Impact on Cyprus’ Reputation
The program faced international criticism for its lack of oversight, tarnishing Cyprus’ image and raising concerns about EU security vulnerabilities. - Economic Contributions
Despite its flaws, the program generated significant economic benefits, attracting investments primarily from Russian and Chinese nationals. - Criminal Allegations
Investigations revealed that some applicants used fraudulent means to obtain citizenship, prompting legal reviews of government actions during the scheme’s operation. - Stricter Regulations Introduced
Post-revocation, Cyprus has strengthened its rules for residency and citizenship programs to prevent similar controversies. - Public and Political Reaction
Both domestic and international calls have been made for further transparency and accountability in handling the fallout from the program. - Future Implications
The revocations aim to rebuild trust and compliance with EU norms while addressing previous governance failures.
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