Cyprus Revokes Citizenship of 304 Individuals Linked to Golden Passport Fraud

Cyprus has stripped 304 individuals—including 88 foreign investors and 216 of their family members—of their Cypriot citizenship after investigations revealed links to fraud, criminal charges, and false representation within the framework of its now-defunct Golden Passport Program.

Officially known as the Citizenship-by-Investment scheme, the program allowed non-EU nationals to acquire Cypriot citizenship in return for substantial financial investments and compliance with certain legal requirements. However, due to numerous reports of irregularities, including corruption, money laundering, and national security concerns, the scheme was officially terminated in 2020.

Under Cypriot law, citizenship may be revoked in cases involving false declarations, misleading information, criminal convictions, pending legal proceedings, or international arrest warrants. The revocation process involves a formal notification to the individual, an opportunity to object, a committee review, and finally, a Cabinet-issued decree to annul the citizenship.

Amid growing scrutiny of the program, Cypriot authorities have tightened regulations and now assess each case individually. Interior Minister Constantinos Ioannou confirmed to Politis that all cases under review are being thoroughly investigated to ensure legal compliance and protect national interests.

77 More Passports Annulled in 2023

In a separate development, 77 additional passports were revoked in November 2023, including those granted to high-profile individuals such as:

• Alexei Kuzmichev – Russian oligarch
• Oleg Deripaska – Russian metals magnate
• Sergey Kovbasyuk – Former Russian FSB investigator
• Ihor Kolomoisky – Ukrainian billionaire
• Jho Low – Malaysian fugitive financier linked to the 1MDB scandal

Despite the controversy, the scheme significantly boosted Cyprus’s economy, contributing over €7 billion in foreign investments. However, investigations—most notably by Al Jazeera—revealed the program's role in facilitating tax evasion, corruption, and money laundering, leading to widespread criticism and eventual closure.