233 “Golden Passports” Revoked
Greek Cypriot Administration Cancels 233 “Golden Passport” Citizenship
The Greek Cypriot administration has revoked 233 citizenships that were granted under the “Citizenship in Return for Investment” program, also known as the “golden passport”. This decision comes after the recent repeal of the program.
According to a report by Politis, 68 of the individuals who lost their citizenship were classified as “investors” and 165 were “investor families”. It was revealed that these individuals were involved in fraudulent activities, and had paid illegal money to Greek lawyers, accountants, and construction company owners in order to fulfill the investment requirements for the citizenship application.
The investigation also identified these individuals as “fraudsters and criminals,” leading to the decision to revoke their citizenship. In addition to the 233 individuals affected by this decision, there are 23 more people under examination and awaiting a decision from the Greek Cypriot Council of Ministers.
The cancellation of these citizenships highlights the growing concerns and challenges associated with citizenship by investment programs. It also underscores the need for stricter regulations and thorough vetting processes to prevent abuse and exploitation of such programs.
