Cyprus announced its intention to recover its citizenship from 45 foreign investors who had obtained it through the country’s citizenship-by-investment program, which was canceled last year.
The Cypriot government based its decision on the results of a special investigation that recommended considering revocation of nationalities and other measures against 102 cases, according to its spokesman, Marius Pelicanos.
The spokesman said yesterday, Friday, that the government decided to start the process of recovering the passports of 39 investors and 6 of their relatives, and the government will study six other cases and monitor 47 cases.
The former head of the Cyprus Supreme Court, Myron Nikolatos, chaired the commission of inquiry into the “golden passports” case awarded between 2007 and last year, where he was able to identify “criminal and political” responsibilities.
Nicolatos told reporters in June that “it is clear that the Cyprus investment program was operating between 2007 and 2020, with loopholes and shortcomings, an inadequate legislative framework, and almost no regulatory framework.”
The investigation found that 53 percent of the 6,779 Cypriot passports issued under the program were granted illegally, indicating that investor background checks were insufficient.