18/10/2021 (Agence Europe) – On Friday 15 October, the Cypriot authorities announced that they would revoke the nationality of 39 foreign investors and six members of their families who had become Cypriot citizens in exchange for an investment of €2.5 million, which could have consisted of the purchase of a residence, reports AFP. About 50 other cases are also being investigated. An independent investigation into the granting of ‘golden passports’ found that just over half (53%) of the 6,779 passports issued between 2007 and 2020 were issued without sufficient background checks on the applicants. Abolished at the end of 2020, this citizenship by investment programme is the subject of infringement proceedings by the European Commission specifically targeting Cyprus and Malta (see EUROPE 12585/12). It is controversial because it grants free movement within the EU to any holder of a ‘golden passport’. (MB)