NICOSIA, Cyprus — 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. ADVERTISEMENTThe 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. Another clause makes it easier for investors involved in or convicted of a serious crime to have their Cypriot citizenship revoked. Investors will still need to sink 2 million euros ($2.28 million) into the Cypriot economy, including buying a home, buying up stock in Cypriot companies or contributing to housing and entrepreneurship programs.

Source: Philippine Daily Inquirer August 23, 2020 18:56 UTC