Cyprus cancels golden passport programme

Cyprus will scrap its controversial “golden passport” scheme that granted citizenship and a European Union passport to those willing to pay.

The lucrative programme allowed wealthy non-Europeans to get a passport for a minimum of €2.15 million by investing €2 million in real estate and donating €75,000 to the government’s research and development fund, and €75,000 to the country’s Land Development Organisation.

“No other European golden visa program guarantees such assured results offering an EU second passport in just two to three months,” the official website states.

The programme’s cancellation comes after an investigation by Al Jazeera revealed that Cypriot officials were selling the passports to a Chinese businessman with a reported criminal record.

Officials who surfaced in hidden camera footage by Al Jazeera included Parliamentary President Demetris Syllouris who has stepped down from his duties pending an investigation. MP Christakis Giovanis has also stepped down since the investigation aired on Monday.

source