Cyprus scraps 'golden passport' investment scheme after Al Jazeera exposes scandal

Cyprus scraps 'golden passport' investment scheme after Al Jazeera exposes scandal
An Al Jazeera English investigation into a 'golden passport' scheme in Cyprus revealed how the programme was being exploited by officials.
2 min read
14 October, 2020
The documentary revealed a scandal with the scheme [Getty]
Greek Cypriot authorities announced the scrapping of its "golden passports" scheme for foreign investors after an Al Jazeera documentary exposed how it was being used by wanted criminals from around the world.

Cypriot government spokesperson, Kyriakos Koushos, said that the cabinet had agreed an emergency meeting to cancel the scheme next month, as proposed by the finance and interior ministers.

The ministers' proposal was based on "long-standing weaknesses, violation and exploitation of the terms of the investment programme", Kouchos said.

The scheme, which achieved some 7 billion euros, is expected to come to a close on 1 November. 

Authorities will fully study its policy to encourage investments after the completion of the investigation, the official added.

The move came after an Al Jazeera English documentary revealed how officials appeared to help a person, acting as a client, obtain the passport despite having a criminal record.

The alleged client was a reporter for the broadcaster and not an authentic applicant, the network said.

Despite this, lawyers and real estate agents introduced him to the investment scheme and then to high-ranking politicians, including Parliament Speaker Demetris Sailors.

The speaker has since stepped down from his role as an investigation into the matter continues.

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