A state investigation conducted after the program's closure revealed systemic violations of procedures.
The criminal court of Cyprus acquitted former parliament speaker Demetris Syllouris in the corruption case related to 'golden passports' (the 'Citizenship by Investment' program), reports Kathimerini. A panel of three judges in Nicosia ruled by a majority that the prosecution failed to prove the existence of corrupt intent or any fact of corrupt influence.
Syllouris was charged alongside former parliament member Christakis Giovanis. Both were accused of conspiracy to commit fraud and abuse of power in issuing Cypriot passports to foreign investors, including those from Russia and China. The defendants did not plead guilty. All charges against the former officials were dropped.
Syllouris, who previously held the second-highest government position in the country, resigned in 2020 after Al Jazeera aired a video in which he and Giovanis discussed the possibility of assisting a fictitious investor with a criminal past in obtaining Cypriot citizenship. This recording was not included in the court materials.
The 'golden passport' program was terminated following the scandal and criticism from the European Union. It operated in Cyprus from 2007 to 2020. During this time, more than 7,000 passports were issued to foreign investors. A state investigation conducted after the program's closure revealed systemic violations of procedures and a lack of proper oversight, as well as the disregard of warnings from the European Union.
Following the outbreak of the war between Russia and Ukraine, Cypriot authorities intensified control over compliance with the sanctions regime. In collaboration with FBI specialists, Cypriot law enforcement conducted a nine-month investigation into wealthy Russians residing on the island. In 2024, Cyprus revoked the citizenship of 77 holders of 'golden passports,' including several Russian billionaires.
Amid this case, a new corruption scandal erupted in early 2026 in Cyprus. The head of the Cypriot presidential administration, Charalambos Charalambous, who is a relative of President Nikos Christodoulides, resigned after the publication of an anonymous video discussing schemes to circumvent EU sanctions in favor of Russian citizens.
