The Cypriot government announced on Friday that it has decided to formally strip passports from 39 people who obtained citizenship under a disgraced investment scheme, as well as six of their dependents.
The Council of Ministers has decided to remove “Cypriot citizenship for 39 investors and 6 members of their families,” government spokesman Marios Pelekanos said, although he didn’t specify the names of the individuals impacted.
The government is also investigating a further six cases, and has put another 47 “under continuous monitoring... on the basis of the procedures provided.”
Cyprus agreed in October last year to end its Golden Visa scheme on November 1, 2020, which had allowed foreigners to secure residence and citizenship rights in return for investing millions into the country. To qualify, individuals would have to, at least, invest €2 million ($2.43 million) in Cypriot properties on top of a donation to the government research fund.
The scheme, dubbed cash-for-citizenship, is thought to have raised €7 billion ($8.12 billion) before the government accepted it had been open to “abusive exploitation.”