Eight People Lose Their “Golden Passports” in Cyprus

The Government of the Republic of Cyprus has announced the revocation of Cypriot citizenship for eight foreigners who were naturalized under the investment citizenship program, commonly known as “golden passports.”

According to local media, the revocation of these passports is part of an investigation into former Transport Minister Marios Demetriades, which has uncovered “suspicious” cases of foreign naturalizations.

The identities of the former “golden passport” holders have not been disclosed, but it is known that they include investors and their dependents.

Marios Demetriades served as Minister from 2014 to 2018 under former President Nicos Anastasiades. He is now facing charges related to corruption, bribery, and money laundering.

According to preliminary findings from the investigation into the “golden passport” scheme in 2021, a total of 137 naturalizations were organized by a law firm linked to the former minister and were approved in cabinet meetings he attended.

Wednesday’s revocation is the first since June, when the government stripped citizenship from Russian-Ukrainian billionaire and art collector Konstantin Grigorishin and oligarch Igor Kesaev.