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  • The Guardian

    The billionaires investing in Cyprus in exchange for EU passports

    Businesspeople and those with political influence from Russia and Ukraine among hundreds granted citizenship for money
    by Sara Farolfi, David Pegg and Stelios Orphanides Sep 17, 2017 4 minutes
    Former regional governor in Ukraine and co-founder of Privatbank, Igor Kolomoisky, was granted Cypriot citizenship in 2009 in exchange for ‘substantial investments’. Photograph: Mykhaylo Markiv/EPA

    A leaked list of names of those who have benefited from Cyprus’s citizenship-by-investment programmes represents a detailed insight into the panoply of clients behind schemes providing passports to the super rich.

    It also reveals the extent to which interest from the Russian and Ukrainian elite has driven the programme which, according to the Cypriot government, has generated more than €4bn in investment since 2013. There is no suggestion of wrongdoing on the part of beneficiaries.

    Prior to 2013, Cypriot citizenship was granted on a discretionary basis by ministers, in a less formal version of the current arrangement.

    “Golden visa” schemes,

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