Cyprus and Bulgaria have officially terminated their Golden Passport programs, which previously allowed foreign nationals to acquire citizenship in exchange for financial investments. These programs have long been attractive to wealthy individuals seeking residency or citizenship in European Union countries by contributing significantly to the host nation's economy.
Despite the economic benefits these schemes provided, they have frequently come under scrutiny due to concerns over their potential misuse. Allegations of tax evasion, corruption, money laundering, and other illicit activities have been associated with Golden Passport schemes. As a result, the European Commission has consistently pressured member states offering these programs to bring them to an end.
Cyprus’ decision to halt its program came in response to an investigation conducted by Al Jazeera, which exposed multiple irregularities tied to the scheme. Similarly, Bulgaria also discontinued its Golden Passport program in 2022, acknowledging the growing concerns surrounding the potential for abuse within these citizenship-by-investment systems.
With the termination of these programs, both countries aim to address the risks associated with such schemes while aligning with the European Commission’s push for greater transparency and integrity in citizenship and residency processes.