14 Feb 2019
AP — Cyprus has strengthened the eligibility rules for a lucrative “golden passport” program that grants the document to wealthy foreign investors, ruling out applicants who already were turned down by another European Union country with a similar policy, a government official said Wednesday.
The EU issued a report last month warning Cyprus and other countries to beef up background checks before awarding the passports because of concerns non-citizens were acquiring them to launder money and flout tax laws.
The EU report came after Cyprus came under criticism for running a “passports-for-cash” scheme, a charge that Cypriot officials strongly denied.
Link to AP
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