Inquiry finds half of Cyprus passports given to rich foreigners in cash scheme were illegal

More than 3,000 foreign investors who stumped up a minimum of 2 million euros were given Cypriot passports between 2013 and 2019, with the scheme proving popular with Russians, Ukrainians, Chinese and Cambodians.

The programme was terminated last year after a corruption scandal, embarrassing the island’s centre-right administration which had championed the scheme before admitting it was flawed.

“Our interim report gives statistical data concerning illegal naturalisations – those which, in the view of the committee, were issued by exceeding the boundaries of the law – and those are 51.81 per cent of the total,” Myron Nicolatos, who chaired the inquiry, told reporters on Friday.

He said some others were within the proper legal framework but did not meet some legal criteria which applied at the time.

In “tens” of cases, the commission recommended rescinding citizenship, Nicolatos added, without giving details.