Cyprus canceled Golden Passports for three more investors

According to government spokesman Konstantinos Letimbiotis , the decision was made after “the necessary investigation in this regard was carried out.”

The country's cabinet also approved a 2023 bill aimed at protecting the collective interests of consumers. “The bill modernizes the existing institutional framework for the protection of the collective interests of consumers”, which allows the courts in practice to issue orders and stop behavior that is contrary to consumer protection law.

The bill also includes new rules according to which courts have the right to re-adjust, corrective decisions in cases where consumers have suffered damage.

Wealthy investors from foreign countries were eligible for Cypriot citizenship if they contributed to the country's economy in the amount of at least 2.5 million euros and fulfill certain conditions.

While this helped the Cypriot economy grow rapidly by attracting investors from China and Russia in particular, the program turned a blind eye to many illegal activities, including corruption, tax evasion and money laundering.

Cyprus canceled his Golden Passport scheme back in 2020, after the publication of a report called “Cyprus Documents”, which revealed the facts of obtaining residence permits in Cyprus by persons involved in illegal activities.

As a result, the Cypriot authorities canceled 222 passports, issued under the Citizenship by Investment scheme, including 63 investors themselves and 159 of their relatives, including spouses, children and parents.

In total, 6,779 people took advantage of this program from 2007 to 2020.

It was previously reported that the former chairman of the country's parliament and three other former members of parliament were charged with corruption in connection with their participation in the country's citizenship-by-investment scheme.

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