Republic of Cyprus Strips 7 People of Citizenship Under ‘Golden Passport’ Program | World

In an interview with AFP on April 4, the President of the Republic of Cyprus (Cyprus), Nicos Anastasiades said: “Before that there were some shortcomings in the investment exchange program for passports, and that is why I have given many steps to arrive at a more effective management mechanism ”.

Since 2007, Cyprus has started promoting a program to issue passports to foreigners in exchange for significant investment in the island nation, which was then accelerated after the 2013 economic crisis in Cyprus.

The Republic of Cyprus is facing pressure from the European Commission to reform its passport investment program due to concerns that it may help organized crime gangs to enter the Union. Europe (EU), according to AFP.

Under the latest regulations, the Cypriot government will issue passports in exchange for an investment of $ 3 million (more than 69.5 billion), which is why this program is also known as a “golden passport”.

Last August, Al Jazeera (Qatar) radio reported that dozens of people who applied for “golden passports” from Cyprus are under criminal investigation or are under international sanctions, or are serving prison terms. Anastasiades said that prior to the broadcast of the incident on Al Jazeera, a special committee had investigated about 30 people if they had violated the criteria of the passport exchange program.

“According to Tuesday’s report, 7 out of 30 people will be stripped of Cypriot citizenship,” President Anastasiades told AFP.

Many people want a Cyprus passport as a means of entry to the EU Screenshot of EuroGazette

Cyprus will also re-examine the cases of some 4,000 people who have been granted passports through a passport exchange program since 2007. But the President of Cyprus said he believes the number of violations will be very low, according to the report. AFP.

Strict passport rules include compliance with anti-money laundering laws, stricter scrutiny and due diligence showing that the Cyprus passport program is in line with Cyprus passport policies, Anastasiades added. EU.