Cyprus: Wealthy investors probed in golden passport scheme

Cyprus: Wealthy investors probed in golden passport scheme

A Cyprus government official says national passports granted to wealthy investors could be revoked if a new probe determines they didn't meet eligibility criteria.

Cypriot passports have added appeal because holders become citizens of the European Union.

Spokesman Prodromos Prodromou says the Interior Ministry investigation will target a select number of so-called "golden passport" recipients. He says new information suggests they may have contravened the rules.

Prodromou said Thursday the individuals will be vetted again according to criteria that were used before the rules were altered earlier this year.

The government announced the probe following media reports that senior Cambodian government officials received Cypriot passports.

The EU has instructed Cyprus to tighten background checks for the scheme that has generated approximately 7 billion euros ($7.79 billion) since its 2013 inception.


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