Cyprus Passport authorities persevered for as a minimum 4 years to unlawfully trouble passports to family of rich traders beneathneath an funding-for-citizenship programme, in spite of warnings through the Attorney-General that this may be in breach of the regulation, the top of an impartial fee stated on Monday. Former Supreme Court President Myron Nicolatos stated that, of the 6,779 passports issued at some point of the programme's 13-12 months run, 53% have been issued now no longer to the traders themselves however to own circle of relatives individuals or pinnacle business enterprise executives.
The Attorney-General's Office had warned on separate events in 2015 and 2016 that the exercise is probably illegal due to the fact there has been no unique regulation allowing the authorities to trouble such passports. Of the the rest that have been granted to traders, one-0.33 didn't meet all of the criteria, Nicolatos stated. He turned into speakme after handing the final, 780-web page document of an research into the multibillion-euro programme to Attorney General George Savvides.
He stated 8% didn’t meet the number one circumstance of making an investment around €2.five million into the Cypriot economy, even as some other 12 iled to satisfy the bar on proudly owning a everlasting house in Cyprus.Cyprus Passport had argued the funding turned into vital following the island’s 2013 monetary meltdown. Nicosia issued hundreds of passports beneathneath the scheme, permitting candidates to gather one in alternate for an funding of $three million.
Around 51% of 6,779 Cyprus Passport issued from 2007-2020 went to recipients who need to now no longer have qualified, in step with period in-between findings of an impartial inquiry. It stated government had rubber-stamped citizenship requests with out following due method or right historical past checks.