Checks on passports issued under the closed 'Citizenship for Investment' programme are continuing. So far, 86 foreigners have had their passports confiscated.
The names of 77 of them have been revealed. On Monday 25 November, the list of people who had their Cypriot passports confiscated was made public. It also included information on law firms that assisted investors in submitting documents and obtaining citizenship.
Interestingly, most of the holders of cancelled passports were Russians. The list also includes Chinese and residents of Arab and Middle Eastern countries. Perhaps the most high-profile case concerns the revocation of the citizenship of Joe Lowe, who is now on an international wanted list. Well-known Russians include: billionaire Oleg Deripaska and his alleged partner Pavel Ezubov, owner of Paphos football club Sergei Lomakin.
The main reasons for having their passports revoked include providing false information, having a criminal record and failing to comply with naturalisation requirements. It is known that in the event of a positive decision to revoke citizenship, Cypriot passport holders are notified and have the right to appeal. The Committee examines the appeals and passes the final decision to the Cabinet of Ministers.
It is recalled that about a month ago, the Cypriot Interior Minister Constantinos Ioannou granted a request by AKEL MP Irini Haralambidou for access to a list of service providers who had promoted the controversial passports. The document was classified and Irini Haralambidou was only allowed to examine it in private, without the right to publish it.
Cyprus' investment programme has granted EU citizenship to thousands of foreigners.
The programme was originally designed to help the island nation's economy recover from 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.
