Cyprus’ long-running effort to draw a line under its discredited citizenship-by-investment scheme hit another procedural snag on 14 September 2026 when a Nicosia criminal court adjourned the high-profile “golden passport” trial to 19 October. Prosecutors tabled 25 additional charges only hours before proceedings were due to start, prompting the defence to request more time to prepare. The expanded indictment targets five of the ten defendants, including senior lawyers and property developers accused of securing Cypriot – and therefore EU – passports for wealthy foreign clients through bribery, forged documents and money-laundering. Former transport minister Marios Demetriades remains a defendant but is not covered by the new counts. Charges now range from influence-peddling and conspiracy to defraud to three fresh money-laundering allegations linked to Russian and Chinese investors. Although Cyprus terminated its citizenship-by-investment scheme in 2020, the case is being watched closely by compliance teams at relocation firms and by investors seeking alternative EU residence options. A guilty verdict could trigger further revocations of passports already issued and stiffen EU pressure on remaining “golden visa” programmes across the bloc. Brussels opened infringement proceedings against Cyprus in 2022 over the scandal. For corporates that use Cyprus as a holding or regional headquarters location, the trial underscores the importance of enhanced due-diligence on service providers and of monitoring staff who may have obtained Cypriot citizenship through investment. Immigration advisers say requests for documentation proving the legitimate origin of funds and the physical presence of investors are becoming more common when renewing residence permits for family members. The court has set 23 September for the defence to respond to the amended indictment and pencilled in a three-day hearing in mid-October. Observers expect the prosecution to call at least three new witnesses, further prolonging a process that began with police raids in 2021.
Source: Cyprus Mail
