Cyprus halts its Golden Passport Program

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Cyprus halts its Golden Passport Program

Cyprus authorities have decided to suspend its Golden Passport Program that grants Cyprus citizenship to wealthy foreigners who invest in the island’s economy.

The decision was made by the Cypriot government at an emergency meeting, against the background of abuses of the provisions of the investment program mechanism. It was announced that the issuance of citizenship-for-investment will be terminated from November 1 of this year.

Earlier it became known about the decision of Cyprus to revoke the citizenship of seven people who received “golden passports” in exchange for investments in the economy of the state.

The Golden Passport Program was introduced by Cyprus in 2014, when the island nation’s economy was in deep recession. So, by the end of 2018, under this program, four thousand foreigners received Cypriot citizenship, having invested a total of 6 billion euros in the economy of the state.

This fall, journalists from the Qatari TV channel Al Jazeera conducted an investigation and found out that Cyprus has become a haven for the world elite, which poses a threat to European security.

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In this regard, the island’s legal service instructed local law enforcement officers to begin an investigation into possible violations in the issuance of “golden passports”.

The police are checking information about 42 citizens who, according to the investigation, are included in the “high risk group.”