Criminal proceedings in the case concerning the illegal issuance of passports under the “Citizenship by Investment” program, in which former Transport Minister Marios Demetriades is involved, have been postponed again. The new date has been set for July 8 at 9:30 a.m. The reason for the postponement was the court’s heavy workload and the significant burden on the judicial system.
High-profile investigation of the “Citizenship by Investment” program
The case is related to the former investment citizenship program, which operated in Cyprus for many years and allowed foreign investors to obtain passports in exchange for large investments in the economy. This scheme became widely known as the “golden” passport program.
In 2020, the program found itself at the center of an international scandal after journalistic investigations and criticism from European institutions. After that, the Government of Cyprus announced its termination and began a large-scale review of the passports that had been issued.
According to the authorities, during the years of the program’s operation foreign investors invested several billion euros in the island’s economy, mainly in real estate, infrastructure projects, and business. However, along with the economic benefits, serious questions arose regarding the transparency of procedures and compliance with legislation.
Who is involved in the case
Within the framework of the criminal proceedings, charges have been brought against ten defendants. Among them are eight individuals and two companies that, according to the investigation, may have been linked to violations in the granting of citizenship.
In addition to Marios Demetriades, the accused in the case include Andreas Demetriades, Dimitris Demetriades, Yorgos Demetriades, Eleni Simillidi, Jing Wang, Josef Friedrich Santin, Vasiliki Georgiou-Santin, as well as Andreas Demetriades & Co LLC and Delsk (Cyprus) Business Services Ltd. They face 59 charges related to corruption, bribery, and money laundering. In addition, the case concerns a possible violation of the provisions of the Council of Europe Convention on the fight against corruption.
Why the case is important for Cyprus
The court proceedings concerning investment citizenship are considered an important stage for restoring trust in state institutions. The scandal surrounding the “golden” passports became one of the most discussed political and economic events in recent years on the island.
After the program was closed, the authorities of Cyprus began reviewing previously granted citizenships and strengthened control over investment schemes. At the same time, new mechanisms for screening investors were launched in the country and procedures related to migration and investment policy were reformed.
Experts note that the transparency of the investigation and the court’s decisions may play an important role for the international reputation of Cyprus as a financial and investment center.
Despite the seriousness of the charges, the principle of presumption of innocence applies to all defendants in the case. This means that each of the accused is considered innocent until the court proves otherwise beyond reasonable doubt.
The proceedings are expected to become one of the most complex and lengthy in the country’s modern judicial practice, as they involve a large number of documents, international financial operations, and the participation of several companies and intermediaries.
The first hearing is scheduled for July 8, 2026, and it is then that the court will begin examining the evidence and arguments of the parties in the case, which continues to attract the attention of both Cypriot society and international observers.