Cyprus has Earned EUR 5 Billion from the Sale of Citizenship

Society | March 6, 2018, Tuesday // 16:45| Views: | Comments: 0
  • Send to Kindle
Bulgaria: Cyprus has Earned EUR 5 Billion from the Sale of Citizenship Source: Pixabay

For 10 years, 1685 people have invested in exchange for Cypriot citizenship. The island has earned nearly 5 billion euros, according to BGNews.

Russian businessman Oleg Deripaska has bought Cypriot citizenship in 2017, the British newspaper Guardian reports. The authorities of Aphrodite Island have given the citizenship of the magnate under the scheme for wealthy investors. Deripaska's first attempt to obtain a Cypriot passport was unsuccessful due to a money laundering investigation organized by Belgium in 2015. Later, the businessman provided the Belgian authorities with a statement about the absence of any claim to it and, on the basis of it, his request was met .

He is one of the hundred wealthy Russians and Ukrainians who have received Cypriot citizenship. His name surfaced in Cypriot documents after the country's parliament asked the interior ministry for data on investors who had received citizenship. 

Early in January, it became known that hundreds of wealthy Russians received citizenship of Malta. The EU has repeatedly criticized the practice of selling passports, arguing that the authorities of these countries have not always carefully scrutinized the origin of the funds. Malta and Cyprus are members of the Shengen area, and their citizens can easily travel to all EU Member States. In addition, Maltese and Cypriot citizens can visit dozens of countries around the world without visas.

Society » Be a reporter: Write and send your article
Tags: Cyprus, passport, selling, Russia All Are Welcome! Join Now!
Please, log in to post a comment.
» To the forumComments (0)
Bulgaria news (Sofia News Agency - is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." (Sofia News Agency - and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria