The golden passport program was launched in Cyprus in 2007 and expanded in 2013 following a banking crisis to attract foreign investment, revive the property market and support the economy. However, over time, the initiative has raised many questions due to allegations of corruption, money laundering and weak government oversight.
In 2020, following an investigation by Al TV channel Jazeera , which revealed that individuals under international sanctions, politicians and even criminals had been granted citizenship through the program, the Cypriot government, under pressure from the European Union, announced its demise. In 2021, former Supreme Court judge Myron Nikolatos published a 515-page report finding that 51.81% of the roughly 3,500 citizenship cases reviewed were illegal or irregular.
Former transport minister Marios Demetriades was charged this week with abusing his position to attract investors to his family’s law firm. The case also involves his father, a former minister in another administration, their law firm and a civil servant. All are accused of corruption and money laundering.
According to media reports, the Prosecutor General’s Office is preparing two more cases related to the “golden passport” program. Earlier, one of the cases against a law firm in Larnaca was unsuccessful, but the prosecutor’s office is not giving up on trying to bring the investigations to a conclusion. Despite the length of the process, the authorities are determined.
Whether convictions will be achieved remains an open question. A successful outcome to the case could improve public perception of the justice system, but corruption remains a persistent issue. During the citizenship-by-investment program, President Nicos Anastasiades’ family reportedly profited significantly from it, raising not only legal but also ethical questions.
The European Commission has repeatedly expressed dissatisfaction with the sale of EU citizenship, but the Anastasiades government has continued the program with only minor changes. This raises questions about whether personal interests were put above those of the state. It is possible that Demetriades, as a minister, used his position to attract clients to the family business, and the president could do the same.
Nicos Anastasiades has repeatedly claimed his integrity, but is currently under investigation by the Independent Authority Against Corruption. The results of the investigation are expected to shed light on his role in the “golden passports” scandal.
