Bank of Cyprus Recommends EU to Close Golden Passport Program

The European Union may ban the Golden Passport program on the recommendation of Cyprus. It is this state, which is most likely to grant citizenship for investment, that can initiate this procedure. This was told by a member of the board of the chief financial department of the country Bank of Cyprus Marios Skandalis.

Speaking at the Center for Strategic and International Studies in Washington, Skandalis noted that this program carries serious risks. This problem applies to absolutely all countries since states are not able to manage the risks from such a program at the state level. Therefore, Skandalis voiced the idea that it is time to consider the possibility of a complete rejection of the Golden Passport at the EU level.

Another member of the Board of Bank of Cyprus, Christakis Patsalides supported his colleague. He noted that in reality, this program does not work as it should. The expert emphasized that the government of Cyprus is taking additional measures to avoid mistakes.

The situation with the Golden Passports in Cyprus is exacerbating. Earlier, the Ministry of Internal Affairs of the Republic said that according to the results of the verification of persons who received citizenship for investments before 2018, 26 people could lose their passports. The main reasons are the inability to prove the origin of capital, as well as obtaining citizenship by persons who are under EU sanctions.