London Daily

Focus on the big picture.
Sunday, May 11, 2025

Cyprus scraps ‘golden passport’ scheme in a blow to rich Chinese nationals

Cyprus scraps ‘golden passport’ scheme in a blow to rich Chinese nationals

An undercover report by Al Jazeera used hidden cameras to show an official and a lawmaker pledging ‘full support’ to granting a passport to a fictitious Chinese investor.

Cyprus on Tuesday scrapped a lucrative programme granting citizenship to wealthy investors, in a blow to rich Chinese nationals in search of European Union passports.

The Cypriot decision comes amid new allegations that a top state official and a veteran lawmaker were implicated in attempts to bypass strict vetting rules and issue a passport to a fictitious investor with a supposed criminal record.

Cyprus government spokesman Kyriakos Koushos said the Cabinet accepted a recommendation by the minsters of the interior and finance to cancel altogether the “golden passport” programme that has netted billions of euros over several years.

Koushos said the decision, which goes into effect on November 1, was based on the Cyprus Investment Programme’s “long-standing weaknesses, but also the abuse” of its provisions.


An aerial view of the Cypriot capital Nicosia on March 13, 2020.


He said the government would in due course look at different ways of attracting foreign investment.

Wealthy Chinese people have long sought EU citizenship by investing in countries that have a “golden passport” scheme, such as Cyprus, Portugal and Malta. A golden visa essentially grants its holder full EU citizenship, and such passports are attractive given the freedom of movement among the nations in the union, and their visa-free status in most countries in the world.

In the decade ending 2018, the EU welcomed more than 6,000 new citizens and close to 100,000 new residents through golden visa schemes, according to Transparency International, a German non-governmental organisation.

In Cyprus, the allegations surfaced in an hour-long undercover report by Al Jazeera’s investigative unit that used hidden cameras to show Parliamentary Speaker Demetris Syllouris and lawmaker Christakis Giovanis pledging “full support” to granting a passport to a fictitious Chinese investor, despite a money-laundering conviction against him.

The report also showed lawyer Andreas Pittadjis, real property agents and others outlining to a man posing as a representative for the Chinese investor different ways to skirt background checks, including a name change or granting citizenship through his wife.

Both Pittadjis and Giovanis strongly denied the allegations, saying they were fully aware that the approach was bogus and that they only played along to extract more information from the “representative” in order to file a report with Cypriot law enforcement authorities.

European Commission spokesman Christian Wigand said the bloc's executive body is looking into launching infringement proceedings against Cyprus.


A woman takes a selfie with one of a number of new high-rises transforming the skyline view, in the southern coastal city of Limassol in the eastern Mediterranean island of Cyprus in 2018.


“We watched in disbelief how high-level officials were trading European citizenship for financial gains,” Wigand told reporters in Brussels. European Commission “President [Ursula] von der Leyen was clear when saying European values are not for sale.”

Wigand said the Commission had frequently raised concerns about such investor citizenship schemes and also directly with Cypriot authorities.

Outraged Cypriots took to social media to heap scorn on the officials, with many calling for Syllouris’ resignation.

In a statement on Tuesday, Syllouris said that he would step back from his duties as of next week until an investigation is completed.

He apologised for the “unfortunate picture” and upheaval that the “staged and fragmented” report gave and which allowed his reputation and that of the institution of House Speaker to be sullied.

Cypriot officials had earlier accused Al Jazeera of an orchestrated smear campaign against the ethnically split island nation.

The programme has attracted many foreigner investors because a Cyprus passport automatically grants its holder citizenship access to the entire 27-member European Union. Around 4,000 Cypriot passports have been issued to investors under the programme, generating more than 7 billion euros (US$8.25 billion).


An employee of news network and television channel Al Jazeera is pictured at the channel’s Jerusalem office in 2017.


The Cyprus government has conceded that “mistakes” were made and has strengthened eligibility criteria in recent years. The most recent changes that lawmakers approved in August include new anti-money-laundering vetting rules and making it easier to revoke the citizenship of investors involved in, or convicted of, a serious crime.

Despite the stricter rules, the programme continued to be hounded by allegations of corruption, kickbacks and favouritism.

Cyprus’ Audit Office last month urged lawmakers to rethink legislation that empowered the government to grant citizenship to investors’ family members.

Cyprus Security and Exchange Commission recommended last month that authorities revoke citizenship from seven individuals who submitted forged documents in their application.

An independent committee has been set up to probe thousands of applications that were made since 2007. The investment programme had gathered pace after 2013, when a financial crisis nearly brought Cyprus to bankruptcy.

Newsletter

Related Articles

0:00
0:00
Close
Trump fires director of U.S. Copyright Office, sources say
Retired British police officer arrested over ‘thought crime’ tweet
Cardinal Robert Prevost Elected as Pope Leo XIV, Marking a Historic Papacy
Newark Mayor Ras Baraka Arrested at ICE Facility Amid Congressional Visit
India-Pakistan conflict may be first test for Chinese military tech
Bill Gates Announces Plan to Wind Down Philanthropic Foundation and Disperse Wealth
Historic Papal Conclave Set to Commence in Rome
Huge Copper, Gold, and Silver Discovery in Argentina and Chile — But the Profits Go Abroad
Prince Harry is pleading for reconciliation — but the royals are just as sick of his victimhood as everyone else
The Road to Freedom: She Protested Putin, Escaped House Arrest, and Survived a 2,800-Kilometer Journey
OpenAI's Flip-Flop: No Longer Going Commercial, Back to Nonprofit, After Musk Lawsuit and Backlash
“Trump Supporter” Aims to Bring a MAGA-Style Shift to Romania
First From China: Zhao Xintong Wins the Snooker World Championship
Nvidia Faces Billion-Dollar Losses – Warns: China Is on Its Way to Becoming an AI Superpower
Trump Rules Out Third Term, Names JD Vance and Marco Rubio as Potential Successors
Mexico Says ‘No’ to U.S. Troops: President Sheinbaum Rejects Trump’s Offer to Fight Cartels
Nigel Farage’s Reform UK Storms the Map, Wrecking the Two-Party Monopoly
DOGE: Reimagining Government Operations with AI
Common Sense Returns to Britain's Legal System: UK Supreme Court Declares a Woman Is… a Woman
Beijing Says U.S. Is ‘Reaching Out’ for Tariff Talks Amid Soaring Trade Tensions
U.K. Court Rejects Prince Harry’s Final Appeal Over Police Security
Prince Harry’s Heartfelt Outburst Rocks the Royal Family
Trump Shares AI-Generated Image of Himself as… Pope, Prompting Outrage Reaction
Transgender Swimmer Secures Five Gold Medals at U.S. Masters Championship
Prince Harry: “I Want Reconciliation with My Family”
Germany's Alternative für Deutschland (AfD) party has now been officially labeled “right-wing extremist” by the federal office for the so-called “protection of the constitution.”
Amazon Launches Satellite Internet Service Amidst Competition with SpaceX
Transformative Changes in Women's Wrestling: The Rise of WWE Superstars
The Rush to the White Gold: Global Investment Surge in Natural Hydrogen Exploration
This is a day in Spain without electricity and internet
Reform UK Surprises in British Elections, Challenging Traditional Two-Party System
180-Year-Old Christian University in South Carolina Announces Closure Due to Unmet $6 Million Fundraising Goal
Brazilian Woman Jailed for Fourteen Years for Writing “You Lost, Idiot” on Statue During Protest
Trump Administration Removes National Security Adviser Mike Waltz Amid Signal Chat Controversy
Dutch Politician Eva Vlaardingerbroek Receives Spyware Threat Alert from Apple
Paramount Board Considers Settlement in Trump’s $20 Billion Lawsuit Over "60 Minutes" Interview
U.S. Economy Shrink in Trump’s First Quarter as Tariff Policy Raises Questions
Deadline Looms for RTS Meter Replacement: Hundreds of Thousands at Risk of Heating Disruption
Sweden Grapples with Deadly Gun Violence: Suspect Arrested After Three Young Men Killed in Uppsala Hair Salon
Walz Reveals Why Harris Chose Him as Her Running Mate and Reflects on Democratic Losses
Spain Restores Power After Unprecedented Nationwide Blackout
Carney Secures Liberal Mandate in Canada’s Federal Election
Death Penalty Sought as Luigi Manion Pleads Not Guilty in CEO Murder Case
President Trump contacts Jeff Bezos after reports of Amazon considering listing tariff surcharges; company clarifies no such plan for main platform
Spain and Portugal Recover from Massive Blackout
Liverpool Clinches Record-Equalling 20th English League Title Under Arne Slot
Singapore Politicians Warn Against Foreign Interference in Election
Driver Ploughs into Vancouver Festival Crowd, Killing Nine
Depression, Fear of Defamation, and a Tragic End: New Details on Virginia Giuffre’s Suicide
“Sharia for UK, Allah Akbar!”
×