Cyprus “golden passports” to be revoked if wrongdoing found

Nearly 4000 passports have been issued to investors since the program was launched following a 2013 financial crisis


Cyprus’ president pledged on Monday to revoke any of his island republic’s passports found to have been “mistakenly” granted to wealthy overseas investors under a controversial cash-for-citizenship program.

Nicos Anastasiades said errors may have been made in granting such so-called “golden passports” under an earlier, laxer version of the program.

“We have to admit mistakes” over some “blatant” instances where passports shouldn’t have been issued, Anastasiades told reporters. He said there could be “perhaps 10-15” such cases of investors whom vetting had failed to identify as ineligible.

The allure of a Cypriot passport, particularly to wealthy individuals from countries outside the European Union, is that holders also become EU citizens and can travel and work freely within the bloc.

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