The Cyprus Bar Association investigated more than 25 law firms and fined 10 of them after they were found to be involved in citizenship by investment scheme.
The Cyprus Bar Association has launched a critical investigation into possible violations related to the illegal acquisition of the so-called Golden Passports. The date of the first meeting of the Criminal Court of Cyprus on the issue of obtaining citizenship through investment is already known. It will take place on November 4th.
Association chairman Christos Clerides stressed that at least ten other law firms are also under suspicion. The activist added that they could be subject to disciplinary and even criminal liability for offenses related to participation in illegal passport issuance schemes.
Local media publish information about already collected fines related to obtaining Golden Passports. In total, they amount to 70,000 euros today.
The association must decide whether it will summon suspected lawyers to a meeting of the Disciplinary Board – it is the only body capable of revoking their licenses.
Scandals with dubious passports have been a regular occurrence lately. So, recently it was reported that the Cypriot authorities canceled seven more identity cards issued under the Golden Passport program to four investors and their families.
The Citizenship by Investment Program (CIP) allowed foreign citizens and their families to acquire Cypriot citizenship if they made a financial contribution to the country.
Now the Cypriot authorities have decided to cancel the “Golden” program – too often it has been criticized for not entirely illegal deeds. Al Jazeera’s investigative report, The Cyprus Papers, states that $2.5 million was invested in Cyprus by criminals.
The island nation’s cabinet had previously revoked 45 passports after receiving incriminating evidence during investigations.
It is reported that from 2007 to 2020, a total of 3.5 thousand people used the Cypriot Golden Passport scheme.