Cyprus Cancels Additional High-Profile ‘Golden Passport’ Citizenships

Several high-profile individuals, including Russian oligarch Alexei Kuzmichev, metals tycoon Oleg Deripaska, former FSB investigator Sergey Kovbasyuk, and Ukrainian billionaire Ihor Kolomoisky, have had their Cypriot citizenship revoked. Kolomoisky, notably, is currently facing charges of fraud and money laundering in Kyiv. Additionally, Malaysian businessman and fugitive financier Jho Low, infamous for his role in the 1MDB scandal, was also among those stripped of citizenship.

Cypriot authorities refrained from commenting on the matter, with two officials stating that the government in Nicosia does not provide remarks on “confidential decisions of the Council of Ministers or issues pertaining to strictly personal data.”

The revocation of these passports was reportedly due to false declarations, criminal records, and a failure to meet naturalization requirements. To date, the total number of revoked citizenships under scrutiny has reached 286.

Introduced in 2013, Cyprus’s “Golden Visa” program—which granted citizenship to wealthy individuals in exchange for significant investments—brought in an estimated €7 billion. The scheme attracted considerable interest, particularly from Russian and Chinese nationals. The resort city of Limassol, now nicknamed “Limassolgrad,” reflects the heavy presence of Russian-owned properties.

For decades, Cyprus earned a reputation as a hub for Russian money and an intermediary for questionable financial dealings. However, over the last ten years, the Mediterranean nation has made strides in distancing itself from such practices. This shift has accelerated dramatically since Russia’s full-scale invasion of Ukraine in 2022, prompting a reevaluation of economic ties with Moscow.

To further combat illicit financial activity, Cyprus has strengthened its cooperation with the United States. Earlier this year, the U.S. Department of Justice and the FBI pledged to assist Cyprus in enhancing its efforts to counter and prosecute money laundering and related financial crimes. This partnership underscores the growing international focus on improving Cyprus’s regulatory and enforcement capabilities.