Cyprus on Sunday denied fresh allegations that it was granting citizenship to foreigners accused of crimes in exchange for millions in investments, insisting that all those who received a passport met all criteria in place at the time.
The Cypriot parliament last month beefed up the eligibility criteria for the so-called “golden passport” investment program, which has brought billions in revenue since its introduction following a 2013 financial crisis. The Asia Insider reported.
The program has attracted many investors because a passport from the Mediterranean island of Cyprus automatically grants its holder citizenship to the entire 27-member European Union.
Cyprus´ interior ministry said 12 foreigners named in an Al Jazeera report received citizenship under the investment program only after being approved by Cypriot and foreign agencies tasked with vetting such applications.
The report claimed that the 12 – including four Russians, two people each from Ukraine, China and Iran, and one each from Venezuela and Vietnam – secured Cypriot passports after paying at least 2 million euros ($2.36 million) in investments despite being under investigation for an assortment of crimes such as corruption and fraud.
According to Al Jazeera, the two other officials who bought golden passports are Pham Phu Quoc, who represents Ho Chi Minh City in the Vietnamese Congress, and Russian national Igor Reva, once a deputy minister for economic development.
The Cypriot interior ministry said would look into the new information in the report.
By Asia Insider
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Source: Vietnam Insider