Cypriot authorities released the long-awaited “Kalogirou Report”
The Cypriot government published (minus personal data and investigative information) the so-called “Kalogirou report” – the result of the investigation into the issuance of Cypriot passports to foreign investors. Recall that the program “Citizenship for Investment” in Cyprus since November was closed after a scandalous report by Al Jazeera, which revealed evidence of corruption.
A special commission reviewed documents relating to the accelerated naturalization of 12 investors and their families (a total of 42 people). It is noted that the packages of documents submitted by the applicants in 2012-2018 were often incomplete, for example, lacking basic data such as titles of ownership or plans of the properties to be acquired. Only two files (two applicants and their family members, a total of five people) met all requirements. Sometimes foreign investors provided false or incomplete information about themselves, such as omissions of crimes committed at home. In respect of such people the commission recommended to deprive them of Cypriot citizenship and ask the Prosecutor’s Office to initiate criminal proceedings.
Recall that the Cyprus Police is currently investigating three cases of “golden passports” to foreign investors. The most famous of them – the Malaysian financier Joe Law, who is on the international wanted list on suspicion of fraud for 4.5 billion dollars.
The “Kalogirou Report” mentions a number of flaws and omissions made in the processing of “golden passports” by the Interior Ministry, intermediary offices and lending institutions.
In particular, the study of documents provided by applicants, the commission considered insufficiently thorough, as well as verification of the origin of investments. There were cases when the real value of property in Cyprus – the object of investment was overstated (€5.5 million instead of €800,000, €2.25 million instead of €950,000). The report also mentions that one of the applicants was denied citizenship, but after the intervention of the Minister of Finance, he still received a “golden passport”.
