Thu | Nov 21, 2019

26 foreign investors to be stripped of citizenship

Published:Thursday | November 7, 2019 | 12:15 AM

NICOSIA:

Cyprus’ interior minister says authorities are setting in motion procedures to strip 26 foreign investors of citizenship that was granted to them under a lucrative investment program.

Costantinos Petrides told reporters Wednesday that authorities also will investigate all investors who were issued a Cyprus passport before 2018, when tougher eligibility criteria were put in place.

The probe comes after media reports suggesting that some investors may have been implicated in money-laundering or linked to authoritarian governments. Cyprus’ president has acknowledged “errors” may have been made in granting such “golden passports.”

Petrides said a three-member committee headed by the country’s auditor-general would pour over the results of the probe to determine whether the 26 targeted passport-holders or any others had in fact met the less-strict criteria.