The Government of Cyprus has stated that its much-criticized Golden Visa Program, which allows foreign investors of at least EUR 2 million to fly to European Union countries without visa requirements, will expire on 1 November.
Such a decision comes after Al Jazeera's investigative study, known as the Cyprus Papers, which reported that from 2017 to 2019, through the Citizenship by Investment scheme, more than 1,000 internationals and their family members purchased citizenship in Cyprus.
Thirty people who have gained from the Golden Visa have been accused of criminal activity, according to the study, while 40 of them are politically exposed. Other affluent individuals who gained citizenship in Cyprus have also been involved in money laundering, corruption and other illegal activities, reports SchengenVisaInfo.com.
However the officials of the European Union, along with civil society advocates, are not persuaded that Cyprus will not attempt to re-launch the program in an amended form.
Parliamentary spokesperson Demetris Syllouris, as well as Member of Parliament Christakis Giovanis, were implicated in these visa frauds, according to Al Jazeera's series of reports in this regard.
As an invented businessman from China, accused of money-laundering affairs, Al Jazeera's undercover operatives presented themselves. Such a conviction does not permit the fake businessman to apply as it is based on scheme law.
In addition, Demetris Syllouris, the parliamentary speaker, assured citizens who represented an invented Chinese businessman engaged in money-laundering affairs to help sell Cyprus passports.
The Al Jazeera report reported that one registered service provider claimed that a person who had been incarcerated for two years for corruption charges had previously obtained a Cyprus golden passport, implying that the person should change his name in order to have a new identity.
"We should change his name of course. It's Cyprus,' she pointed out.
If Syllouris was recorded, "You can tell him that without mentioning my name or anyone else's, he will have full support from Cyprus." Political, economic, social, all at every stage, OK? ”.
The European Union announced last month that it could bring legal action against the Government of Cyprus for allowing the Golden Visa Program to sell its services, considering the criminal charges it faces.
The European Commissioner for Justice, Didier Reynders, voiced his concerns at the time adding that the first aspect is to make sure that the justice system has any investigations at the national level.
Citizenship through an investment program has brought more than seven billion euros ($8 billion) to the country since 2013, when it was launched.
Despite the allegations facing the country, Interior Minister Nicos Nouris of Cyprus stressed that the government of Cyprus enhanced the security and administration of its citizenship through an investment program.
But the European Union, which criticized Cyprus, Bulgaria and Malta in April for running their citizenship-by-investment schemes, was not reassured by such a declaration.
Members of the European Parliament from the European People's Party Community urged the elimination of the Golden Visa scheme in EU countries on 27 February last year.
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