The government has earned more than five billion dollars from selling Cypriot passports so far.
The EU has warned that the “golden passports” being given by Cyprus to wealthy Russian oligarchs will allow organised crime to infiltrate the bloc.
Even some established Russian businessmen on the island are concerned, worrying that the new oligarchs do not live in Cyprus and the properties that they are purchasing will become a ghost town.
Pressure from the European Commission may bring an end to the “golden passports”, but for now, the marina in Limassol is rapidly filling with luxury yachts.
Al Jazeera’s David Chater reports from Limassol.
Source: Read Full Article