Over half of Cyprus golden visas were ‘illegal’

Scheme was suspended by the government in November 2020

|

An inquiry into Cyprus’ citizenship-by-investment scheme revealed that more than half of the people given a passport did not qualify for the programme.

According to former Cypriot chief justice Myron Nicolatos, who led the inquiry, nearly 52% of passports were approved illegally, reports broadcaster Al Jazeera.

Nicolatos said: “Our interim report gives statistical data concerning illegal naturalisations – those which, in the view of the committee, were issued by exceeding the boundaries of the law – and those are 51.81% of the total.”

Investors obtained citizenship between 2007 and 2020 by buying property on the island worth at least €2m (£1.7m, $2.4m), which entitled them to a passport within months.

The scheme proved to be popular among Russians, Ukrainians, Chinese and Cambodians; but it was suspended late last year, following a number of reports by Al Jazeera about weaknesses within the programme.

‘Criminal’ implications

Nicolatos added that other passports met the programme’s legal framework but did not comply with legal criteria that was applicable at the time of their application.

In several cases, the commission recommended citizenships to be rescinded, he said.

The report was not made public but it has been given to the country’s attorney general.

“The interim report notes possible criminal, disciplinary or administrative responsibilities which will be investigated by the relevant authorities,” Nicolatos added.

Cyprus’ citizenship-by-investment scheme was also targeted by the European Commission last year which took legal action against the country’s programme alongside its Maltese counterpart, which has also recently been under increasing scrutiny.