Nearly 4,000 ultrawealthy foreign investors have gotten dual citizenship through Cyprus’ ‘golden passport’ program since 2013. Now, it’s under investigation

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November 6 2019

Cyprus’ president pledged on Monday to revoke any of his island republic’s passports found to have been “mistakenly” granted to wealthy overseas investors under a controversial cash-for-citizenship program. Nicos Anastasiades said errors may have been made in granting such so-called golden passports under an earlier, laxer version of the program.

“We have to admit mistakes” over some “blatant” instances in which passports shouldn’t have been issued, Anastasiades told reporters. He said there could be “perhaps 10-15” such cases of investors whom vetting had failed to identify as ineligible. The allure of a Cypriot passport, particularly to wealthy individuals from countries outside the European Union,