Cyprus, against the backdrop of EU sanctions against Russia and Belarus, revoked the validity of such a document for more than 40 citizens, and Malta for two.
Against the backdrop of the war unleashed by Russia in Ukraine, Cyprus and Malta canceled the so-called “golden” passports of several dozen citizens of Russia and Belarus who fell under EU sanctions. This was reported by Der Spiegel on Friday, May 12.
Cyprus revoked the citizenship of nine Russian investors and 34 members of their families, and Malta revoked the passports of two more people, media reported.
The citizenship by investment scheme has long been in operation in the two island nations.
Golden passport holders can live and do business in all EU countries.
Cyprus requested such “privileges” on direct investment in its economy in the amount of at least 2.5 million euros. Thus, for the period from 2007 to 2020, approximately 9.7 billion euros were collected, the local government notes.
The European Commission declared this practice illegal after the start of the Russian invasion and recommended that EU countries consider revoking such citizenship, especially if these individuals are on sanctions lists of the EU or supporting a Russian special operation.
Brussels is currently taking legal action against Malta. Cyprus finally abandoned the practice of issuing “golden” passports.
Recall that the Cypriot authorities revoked the citizenship of 222 investors and their families. This figure includes 63 investors and 159 of their relatives.
Source: korrespondent
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