A sweeping set of audits released by Cyprus’s Auditor General has cast a harsh light on the political entanglements of the now-defunct “golden passport” scheme, revealing that more than €1.1 million in donations flowed to Cypriot political parties from individuals and companies connected to the controversial citizenship-by-investment program.

The revelations add a new layer of scrutiny to a scheme that had already drawn international criticism for enabling wealthy foreign nationals-some with criminal histories-to obtain Cypriot (and by extension, EU) citizenship by investing a minimum of €2 million in real estate or other approved assets. Between its launch in 2007 and its cancellation in late 2020, the Cyprus Investment Program reportedly funneled approximately €9 billion into the island nation.

But while the economic windfall was considerable, the political costs are proving to be far greater. The Auditor General’s findings, published on May 27 in a series of nine reports, make clear that donations from developers and naturalized citizens with links to the scheme helped grease the wheels of political operations across nearly all major Cypriot parties.

The core of the Auditor General’s investigation focused on €1.12 million in donations made between 2016 and 2021. While direct foreign contributions to political parties are illegal under Cypriot law, the audit shows that donations were routed through Cypriot companies closely linked to applicants, and in some cases, through individuals who had been granted citizenship under the program.

The ruling Democratic Rally (DISY) party, which held power during the time of the scandal, received the lion’s share-€676,100 in total.........

© Blitz