Cyprus will abolish the Golden Passport program from November 1, 2020

"At today's extraordinary meeting of the Council of Ministers, the finance and interior ministers presented a proposal to cancel this investment program. The proposal was based on long-term shortcomings as well as abuse of the provisions of the Cyprus Investment Program. The decision will enter into force on November 1, 2020", - quotes RIA Novosti the words of Kusios.

Following the completion of the investigation by a commission appointed by the Attorney General, and the publication of the findings, the authorities will consider an incentive policy to attract investment from abroad, said a Cypriot government official. He clarified that the program of "golden passports" has been canceled completely.

It should be noted6 that the decision was made after the airing of an investigation film by the Qatari TV channel Al-Jazeera about the likely involvement of officials, including politicians, in violations in the granting of Cypriot citizenship. Among the politicians filmed with a hidden camera are Parliament Speaker Dimitris Silluris, who promised an investor with a criminal past support "at any level", as well as MP Christakis Dziovannis - aka "Giovani" - one of the country's largest developers.

Note that the Accounts Chamber of Cyprus announced an audit of the granting of citizenship within the framework of the CIP.

On October 7, the Cyprus Council of Ministers decided to start the process of depriving seven people who concealed material facts and gave false information when applying for citizenship. It was also decided to investigate 12 people.

In November last year, it was reported that the island state had tightened the conditions for issuing passports to foreigners and intends to double-check all applications for citizenship submitted a year earlier.

Let us remind you that 34 people received the "golden passports" of Cyprus. The list includes the owner of the Spar retail chain in Russia and the Tula meat-packing plant Anton Belobragin, Ukrainian businessman Igor Kolomoisky and his family members, owner of the ESN group of companies Grigory Berezkin, CEO of BFA-Development, widow of the ex-owner of Uralsib bank »Lyudmila Kogan, First Deputy Chairman of VEB.RF Mikhail Kuzovlev. The list also includes the first deputy head of the financial and economic department of Gazprom Igor Shatalov, a former member of the board of Eurofinance Mosnarbank Vladimir Stolyarenko, chairman of the board of the VID group of companies Alexei Ushamirsky, president of the Areti international group of companies Igor Makarov, co-owners of Evraz companies, Sintez and Privat Group Alexander Frolov, Leonid Lebedev and Gennady Bogolyubov and many others.

On November 6 it became known about the revocation of the erroneously issued "golden passports" by Cyprus.

“We must admit mistakes in a number of egregious cases when passports should not have been issued”, - said the head of the republic, Nikos Anastasiadis.