The small Mediterranean island nation of Cyprus has given citizenship and passports to more than 3,000 foreigners who agreed to invest at least $2 million in the country — a “golden passport” that allowed the holders to travel visa-free throughout the European Union. One of those lawmakers, Demetris Syllouris, the president of Parliament and the country’s second most powerful official, resigned on Thursday. The other, Christakis Giovanis, resigned on Tuesday, and both men have denied any wrongdoing. Cyprus was only one of several European countries that turned to offering what became widely known as “golden passports” to attract investments after their economies were crippled in the global economic downturn that began in 2008. In the last seven years, Cyprus has raised over 6 billion euros through the program — about $7 billion dollars.

Source: International New York Times October 15, 2020 19:07 UTC