CYPRadar 🇨🇾👮 Over 7,000 Cyprus passports issued under controversial investment scheme linked to global fraud and crime
Between 2007 and 2020, Cyprus granted citizenship to over 7,000 foreigners through its Cypriot Investment Program (CIP), sparking major controversies due to links with criminal activities. Investigations revealed that 53% of these naturalisations were illegal, with passports surrendered in 306 cases and probes ongoing.
Among the high-profile names involved are Jho Low, the notorious Malaysian financier linked to a $4.5 billion fraud, and individuals connected to large-scale money laundering, arms trafficking, and corruption scandals spanning countries from Malaysia and Singapore to Ukraine and Venezuela. Several passport holders faced sanctions or criminal convictions abroad, exposing the program’s exploitation by oligarchs, fraudsters, and politically exposed persons.
The scheme, which allowed buyers to obtain EU passports primarily through real estate investments and donations, provided unrestricted access to European markets and banking. However, international criticism, including by the OECD, highlighted the program’s risks to tax systems and security. Despite some revocations and reforms, the long-lasting reputational damage underscores systemic failures in the oversight and vetting mechanisms of Cyprus’s citizenship by investment initiative.
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