Russian oligarchs among wealthy who bought EU passports via Cyprus, says audit

APD NEWS

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Russian oligarchs and other very wealthy people were able to gain a Cyprus passport and have access to the EU in return for $500,000, according to a national audit.

Significant flaws have been exposed in Cyprus's Investment Programme or 'golden visas' scheme between 2008 to 2020. Widespread corruption has been found in the system offering EU passports to wealthy migrants, including many Russians.

A 192-page report released by the Cyprus Auditor-General concludes some ministers and MPs were often not properly informed about the applications of those seeking EU citizenship, and only "seemed to care" if the half-million-dollar property investment was forthcoming.

Russian oligarchs and other very wealthy people were able to gain a Cyprus passport and have access to the EU in return for $500,000, according to a national audit.

Significant flaws have been exposed in Cyprus's Investment Programme or 'golden visas' scheme between 2008 to 2020. Widespread corruption has been found in the system offering EU passports to wealthy migrants, including many Russians.

A 192-page report released by the Cyprus Auditor-General concludes some ministers and MPs were often not properly informed about the applications of those seeking EU citizenship, and only "seemed to care" if the half-million-dollar property investment was forthcoming.

(CGTN)