Cyprus’ Golden Passports Exposed: Russian Tycoons and Politicians Benefit from EU’s Most Corrupt Citizenship Scheme
A recent leak has revealed the shocking extent of corruption in Cyprus’ golden passport scheme, which allows individuals to purchase citizenship in exchange for investing in the economy. The scheme has been plagued by allegations of money laundering and corruption, with top executives from Russia’s largest bank, VTB Capital, gaining citizenship alongside their spouses.
Leaked Documents Reveal Shocking Details
The leaked documents obtained by Al Jazeera show that Cyprus has become a favorite destination for Russians looking to launder the proceeds of ill-gotten gains. The scheme has been used by several high-profile individuals, including:
- Yakovitsky, CEO of VTB Capital, Victoria Vanurina, a member of the VTB Bank Management Board, and Vitaly Buzoverya, senior vice president of VTB Bank
- Mir Rahman Rahmani, Speaker of Afghanistan’s National Assembly, who gained citizenship along with his wife and three daughters
- Vladimir Khristenko, a PEP through his father, Viktor Khristenko and stepmother, Tatyana Golikova
These individuals, along with many others, have gained Cypriot citizenship in exchange for investing in the economy. The scheme has sparked outrage among anti-corruption groups and politicians, who are calling for it to be scrapped entirely.
Concerns Over Money Laundering and Corruption
The leak highlights a systemic failure of Cyprus’ golden passport scheme, which is designed to attract foreign investment to the island nation. However, instead of promoting legitimate business, the scheme has been used by corrupt individuals to launder money and further their financial interests.
- The leaked documents show that many applicants have made questionable investments in the economy, with some even using shell companies to circumvent regulations.
- The government has claimed that no citizenship was granted in violation of regulations, but NGOs and opposition figures are calling for greater transparency and accountability.
- The scandal has also sparked concerns about the global impact of corruption, which undermines the development of civil society in countries where the money was sourced.
Calls for Reform
The EU is grappling with the fallout from this scandal, and it remains to be seen whether Cyprus will take concrete steps to reform its golden passport scheme. Opposition politicians are calling for the program to be scrapped entirely, citing concerns over national security and the integrity of the European Union.
- “Cyprus is putting the European Union in danger,” said opposition politician Irene Charalambides. “They are opening the gates of the European Union with the passports they are selling.”
- An anti-corruption expert noted that the money- laundering scheme has global implications, saying: “The money-go-round of purchasing citizenships is not just a problem for Cyprus. It undermines the development of civil society in countries where the money was sourced.”
Only time will tell if Cyprus will take concrete steps to reform its golden passport scheme and restore trust in its government. In the meantime, the EU must continue to monitor this situation closely and ensure that its member states are not complicit in corrupt activities.