Malta and Cyprus revoke golden passports of dozens of russians due to EU sanctions
Malta is the only EU country that still grants citizenship in exchange for investment, and the EU has filed a lawsuit against the country
The authorities of Malta and Cyprus have revoked the "golden passports" of several dozen russians in connection with EU sanctions over the war in Ukraine.
Source. Spiegel writes about this with reference to the European Commission.
In particular, Cyprus has deprived 9 russian investors and 34 members of their families of citizenship. Malta has taken similar measures against two people.
The golden passport program allows for citizenship in exchange for investments, The moscow Times reports. For example, in Cyprus, it was necessary to invest 2.5 million euros in the economy. According to the island's authorities, the program helped the country attract 9.7 billion euros from 2007 to 2020.
After russia's invasion of Ukraine, the European Union called on all states that are members of the union or claim to be, to stop issuing passports or residence permits for investments, and to revoke the citizenship of kremlin-affiliated individuals.
In April, Cyprus revoked 21 gold passports from russian oligarchs.
Malta suspended its golden passport program for residents of russia and Belarus in March. Consideration of applications already submitted was put on hold "until further notice". Malta remains the only EU country that still grants citizenship in exchange for investment. In this regard, in late September, the EU filed a lawsuit against the Republic.
If you have read this article to the end, we hope that means it was useful for you.
We work to ensure that our journalistic and analytical work is of high quality, and we strive to perform it as competently as possible. This also requires financial independence. Support us for only UAH 196 per month.
Become a Mind subscriber for just USD 5 per month and support the development of independent business journalism!
You can unsubscribe at any time in your LIQPAY account or by sending us an email: [email protected]
