The long-running criminal case against former officials and service providers involved in Cyprus’ now-defunct “golden passport” scheme was due to open at Nicosia Criminal Court on 14 September, but was pushed back yet again after state prosecutors filed 25 additional charges minutes before proceedings were to begin. The amended indictment is understood to widen the alleged money-laundering network and to attach specific transactions to individual defendants, complicating defence preparation and prompting the three-judge panel to grant an adjournment until November. Cyprus scrapped its citizenship-by-investment (CBI) programme in November 2020 under pressure from the European Commission, which initiated infringement proceedings after media investigations revealed that due-diligence checks were routinely bypassed. Brussels is still pursuing the case, arguing that the Republic violated EU law by selling passports. The criminal trial therefore carries significance well beyond the island; a conviction would bolster the Commission’s position and could set a European precedent on the personal liability of public-sector gatekeepers in investor-migration programmes. The fresh charges are mainly related to forgery, abuse of power and conspiracy, bringing the total counts to 157. Defence lawyers say they will now need access to thousands of pages of new evidence—including cross-border bank-transfer data—before advising their clients. The court instructed the prosecution to deliver all discovery by 30 September, but observers expect further procedural wrangling, raising doubts that substantive hearings will begin this year. For mobility professionals the delay prolongs uncertainty. Roughly 4,000 investors who hold Cypriot passports issued under the programme remain under review by an inter-ministerial committee; a guilty verdict could accelerate moves to revoke dubious naturalisations, with knock-on effects for family members, tax planning and EU market access. Service firms that built lucrative CBI practices have already pivoted to residency-by-investment structures, but a harsher legal climate may make Cyprus a less attractive base for regional mobility operations.
Source: KNEWS (Kathimerini Cyprus)
