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Sergey Lomakin, owner of Paphos FC, is among 77 foreign investors whose Cypriot citizenship, obtained through the controversial "golden passport" scheme, has been revoked by the Council of Ministers.
The revocation comes as part of a government crackdown on abuses within the naturalization program, which allowed wealthy investors to gain Cypriot citizenship in exchange for significant financial investments. The list of individuals losing their citizenship, published by *Politis* newspaper, includes Russian multimillionaires and internationally wanted individuals, such as Malaysian financier Jho Low, implicated in global fraud cases.
Lomakin, who resides in Paphos, now joins the ranks of investors deemed to have violated the program's conditions. Alongside the primary beneficiaries, the citizenships granted to their family members have also been annulled.
Reasons for Revocation
The Council of Ministers cited three main reasons for the withdrawal of citizenships:
1. Submission of false or misleading information.
2. Criminal records of the applicants.
3. Failure to meet the program’s terms and conditions.
The cases under review were highlighted in a report by the Nikolatos Investigative Committee, which labeled many as high-risk. Some have already led to criminal charges, with police teams investigating potential violations of Cyprus' criminal code.
Legal Path for Affected Investors
Under the law, those affected by the Council of Ministers' decision are notified of the revocation, provided reasons, and informed of their right to appeal to the Independent Commission for Deprivation of Citizenship. If the appeal is unsuccessful, they may take their case to court, where a favorable ruling could restore their citizenship.
Paphos FC Response
When asked to comment, Paphos FC General Manager Haris Theoharous declined to elaborate, stating, “I don’t want to comment on anything. Thank you for your interest, but it’s a personal matter.”
The "Golden Passport" Scandal
The golden passport scheme, which was terminated in 2020 following widespread criticism, has come under intense scrutiny for lax vetting processes that allegedly allowed individuals with questionable backgrounds to gain Cypriot citizenship. The government’s ongoing efforts to revoke improperly granted passports signal a commitment to restoring credibility to its citizenship processes while addressing international criticism.
This latest action reinforces Cyprus' stance on tightening oversight and ensuring compliance with international standards.
