The Cypriot Cabinet of Ministers has decided to revoke the "golden" passports issued under the "citizenship for investment" programme to six more foreign investors and their relatives.
This was announced on Monday 27 May by government spokesman Constantinos Letimpiotis.
He said the decision was based on an investigation by the Interior Ministry. The citizenship revocation process is expected to begin next week:
- Li Jianxing
- John Ninglin, his wife and two children
- Zhu Zhongbiao, his wife and one child.
- Virkaran Awasthi, his wife and two children
- Igor Ignatov, his wife and two children
- Pavel Vetkhov, his wife and two children
This brings the total number of foreigners who have been deprived of their Cypriot passports to almost 233. Of these: 68 investors and 165 family members.
It should be remembered that the Cyprus Investment Scheme has granted EU citizenship to thousands of foreigners.
The programme was originally developed to help the island state's economy recover after a prolonged crisis. Passports were issued in exchange for investments of up to €2.5 million in Cypriot property. The scheme was particularly popular with Russian and Chinese citizens.
In 2020, however, the Cypriot government scrapped the scheme in the wake of the scandalous Al Jazeera video. An investigation by the Qatari publication found that Cypriot passports were being obtained by criminals and those caught up in international sanctions.
Under pressure from the EU, the island nation's government conducted its own investigation in 2021, which found that of the 6,779 passports issued between 2007 and 2020, more than half went to people who did not meet the programme's requirements. In addition, citizenship was granted to managers of foreign and Cypriot companies who were not investors and business owners.
It is worth noting that:
- Investors who are deprived of their citizenship of the Republic of Cyprus will not be refunded the registration fees they paid when applying.
- They will not be reimbursed for the financial costs of preparing the application package and the fees of lawyers and consultants.
- The properties they have acquired as a condition of citizenship will remain in their possession.
- Foreign investors who are deprived of their Cypriot citizenship have the right to challenge the decision of the Cypriot government in court.