Scandal with "golden passports" continues to undermine Cyprus' reputation

Investigations into the "citizenship by investment" program, better known as the "golden passports" scheme, in Cyprus are progressing extremely slowly and face serious difficulties.

According to police, each case requires processing an enormous amount of documents, and in some cases, the number of participants reaches thirty. At the same time, international cooperation remains a weak link: many requests to Asian countries, from which part of the investments originated, go unanswered, delaying investigations for years.

Since 2021, 195 cases related to this program have been taken up. Most were closed due to lack of evidence of a crime, but four reached the courts. One such case, initiated in 2021, concerns eight defendants, including a law firm and its employees. After the court refused to consider the materials, the Attorney General’s Office filed an appeal, and in early 2025 the case was returned for trial.

Currently, cases are pending against 26 individuals and legal entities. They are based on the findings of the Nicolatos Commission, the Kalogirou Commission, and reports from the Audit Office, all pointing to serious violations in the scheme's operation.

The "golden passports" program operated from 2007 and was closed in November 2020 following Al Jazeera’s high-profile investigation. It revealed that a significant number of citizenships had been granted illegally, and about 10% of investors had a criminal past or were even on international wanted lists.

Since March 2023, authorities have revoked the citizenship of 96 people, including investors and their families, while the Council of Ministers decided to strip another 69. In total, 306 people have already lost Cypriot citizenship, with 112 decrees of revocation already in force.

Initially designed as a measure to support the economy after the financial crisis, the program ultimately became a symbol of corruption and lack of control. The absence of proper checks and weak oversight allowed passports to be granted to dubious individuals, seriously damaging Cyprus' international reputation.