Investigation Initiated into Cyprus’ Golden Passport Scheme Linked to Ex-President

The Economic Committee of Nicosia’s Parliament has approved a budget of €1.04 million for the Anti-Corruption Authority’s investigations, allocating the funds for the necessary services. This move is aimed at conduct specialized services for the inquiries conducted by the Anti-Corruption Authority related to the complaints it receives, SchengenVisaInfo.com reports.

The Anti-Corruption Authority has been under scrutiny, with complaints related to the golden passports issue. The President of the Authority, Haris Pogiatzis, acknowledged the need for a restart in the investigation of the complaints, mentioning that “certain things did not happen as they should have.” In addition, he also highlighted the necessity of starting the investigation anew.

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Furthermore, there have been concerns raised by Member of Parliament, Christos Christofides, regarding the investigation process. He expressed disappointment and questioned the seriousness attributed to complaints, especially those against former presidents and governing parties.

Cyprus’ Golden Passport scheme was terminated in 2020 following an investigation that revealed the scheme’s connection with irregular affairs such as money laundering and corruption. In addition, Cyprus granted more than 7,000 golden passports for a period from 2007 until 2020.

Authorities in Cyprus have also introduced stricter rules to its Residency by Investment Scheme, known as the Golden Visa Program, which allows internationals to acquire residency in this country in exchange for financial investment.

Cyprus has intensified its efforts to attract more internationals to the country. This includes the introduction of the Golden Knowledge Program, which aims to attract tech talent to the country. The Ministry of Interior acknowledges the risk of abuse that existed due to the weaknesses of the program and is working to address these issues.