Cyprus has revoked passports from people who had obtained Cypriot citizenship through the controversial “Golden Visa” scheme, according to Politico.

The “passport-for-cash” scheme, which was suspended in 2020 after mounting pressure, provided foreigners with residency and citizenship rights on condition they invested a few million euros in the country.

At a cabinet meeting this week, the Cypriot government decided to revoke another 77 “golden” passports, most of which belong to Russian citizens, according to the Politis newspaper.

They include Russian oligarch Alexei Kuzmichev, metals baron Oleg Deripaska, former Russian Federal Security Service (FSB) investigator Sergei Kovbasyuk, and Ukrainian billionaire Ihor Kolomoisky, who was arrested in Kyiv on charges of fraud and money laundering. Malaysian businessman and wanted financier Jho Low was also on the list of those who lost their Cypriot citizenship.

Two government officials declined to comment on the proceedings, noting that the government in Nicosia “does not comment on publications concerning confidential Cabinet decisions or matters involving strictly personal data.”

The reasons given for the revocation of passports include: false tax returns, criminal history, and failure to meet naturalization requirements. The list of total revocations has risen to 286.

The list of the total number of passports has been reduced to 286,
The Golden Visa system, which was set up in 2013, has generated around €7 billion for Cyprus. People from Russia and China have been the biggest participants, with the city of Limassol now known locally as… “Limassolgrad”, because many properties there are owned by Russians.