“
“European Truth” writes about this, Politico reports with reference to the Cypriot mass media.
The “passport for cash” program, which was suspended in 2020 under mounting pressure, granted foreigners residency and citizenship if they invested millions of euros in the country.
But at a meeting of the Council of Ministers this week, the government decided to recall another 77 “golden” passports, most of which belong to Russian citizens.
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Among them are Russian oligarch Alexei Kuzmichev, “metallurgical baron” Oleg Deripaska, former FSB investigator Sergei Kovbasyuk and Ukrainian billionaire Ihor Kolomoisky, arrested in Kyiv on charges of fraud and money laundering. Malaysian businessman and fugitive financier Joe Low was also on the list of people who lost their Cypriot citizenship.
Two government officials declined to comment on the process, noting that the government in Nicosia “does not comment on publications related to confidential decisions of the Council of Ministers or matters that concern purely personal data.”
The reasons for cancellation of passports are false declarations, criminal history and non-compliance with naturalization requirements. The total number of canceled passports increased to 286.
The “golden visa” scheme, created in 2013, brought Cyprus about 7 billion euros. The largest participants in the scheme were citizens of Russia and China, and the resort town of Limassol is now known as “Limassolgrad” because many of its properties are owned by Russians.
For decades, the Mediterranean country built an economy that catered to the Russians and had a notorious reputation as a conduit for illicit money flows. Over the past decade, the country has come a long way toward untangling these knots, but the process accelerated dramatically after Russia’s full-scale invasion of Ukraine in 2022.
Earlier this year, the US and Cyprus announced that they would increase their cooperation to enhance Cyprus’s ability to counter and prosecute illicit financial transactions with the support of the US Department of Justice and the FBI.
We will remind, Portugal this year reviewed my “golden visa” scheme and excluded investments in real estate from it to overcome the housing crisis. Foreigners who want to get a residence permit can still invest their money in investment funds.
Spain also stated that will cancel the “golden visa” program, which grants the right of residence to foreigners who make large investments in real estate.
The European Commission has long called for an end to all such programs, citing security risks.
If you notice an error, highlight the required text and press Ctrl + Enter to report it to the editor.
”, — write: www.eurointegration.com.ua
“European Truth” writes about this, Politico reports with reference to the Cypriot mass media.
The “passport for cash” program, which was suspended in 2020 under mounting pressure, granted foreigners residency and citizenship if they invested millions of euros in the country.
But at a meeting of the Council of Ministers this week, the government decided to recall another 77 “golden” passports, most of which belong to Russian citizens.
Advertising:
Among them are Russian oligarch Alexei Kuzmichev, “metallurgical baron” Oleg Deripaska, former FSB investigator Sergei Kovbasyuk and Ukrainian billionaire Ihor Kolomoisky, arrested in Kyiv on charges of fraud and money laundering. Malaysian businessman and fugitive financier Joe Low was also on the list of people who lost their Cypriot citizenship.
Two government officials declined to comment on the process, noting that the government in Nicosia “does not comment on publications related to confidential decisions of the Council of Ministers or matters that concern purely personal data.”
The reasons for cancellation of passports are false declarations, criminal history and non-compliance with naturalization requirements. The total number of canceled passports increased to 286.
The “golden visa” scheme, created in 2013, brought Cyprus about 7 billion euros. The largest participants in the scheme were citizens of Russia and China, and the resort town of Limassol is now known as “Limassolgrad” because many of its properties are owned by Russians.
For decades, the Mediterranean country built an economy that catered to the Russians and had a notorious reputation as a conduit for illicit money flows. Over the past decade, the country has come a long way toward untangling these knots, but the process accelerated dramatically after Russia’s full-scale invasion of Ukraine in 2022.
Earlier this year, the US and Cyprus announced that they would increase their cooperation to enhance Cyprus’s ability to counter and prosecute illicit financial transactions with the support of the US Department of Justice and the FBI.
We will remind, Portugal this year reviewed my “golden visa” scheme and excluded investments in real estate from it to overcome the housing crisis. Foreigners who want to get a residence permit can still invest their money in investment funds.
Spain also stated that will cancel the “golden visa” program, which grants the right of residence to foreigners who make large investments in real estate.
The European Commission has long called for an end to all such programs, citing security risks.
If you notice an error, highlight the required text and press Ctrl + Enter to report it to the editor.