Mustafa AY – TDO – 18.09.2017 Greek Cypriot Administration of Southern Cyprus (GCASC) is granting golden passport to Russian and Ukrainian investors. Through golden passports, Russians and Ukrainian businessmen can manage trouble-free passage across European countries. Especially, Russian businessmen apply this way with the aim of conducting their business without problem. Deteriorating diplomatic relations among Russia and EU is unfavorably reflecting the commercial deals of Russian businessmen. In accordance with ongoing diplomatic crisis with EU, Russian billionaires like Dmitry Rybolovlev play a big role in development of GCASC by investing in the realms of technology, finance, banking, entertainment and technology. Russian billionaire Dmitry Rybolovlev acquired the golden passport through millions of Dollars-worth investment in the Bank of Cyprus.

Since 2013, GCASC has made 4 billion Euros income from golden passport policy. GCASC does grant golden passport not only to Russian and Ukrainians, but also to Middle Eastern affluents. Syrian leader Bashar Al-Assad’s cousin whose name is Rami Mahklouf has been benefiting from golden passport since 2010. He got the passport because US government imposed sanction over him on account of rising allegations of corruption in Syria in 2008. As a result of this policy, EU politicians criticized GCASC in so much harshly that EU deems the policy as both imminent threat to Europe’s security and that it makes all sanctions over Russia in vain. So, EU took GCASC under watch. But, EU cannot come up with a solution to stop this policy of GCASC. Today, many Russians, Ukrainians and Middle Eastern businessmen, who are deprived of executing a good foreign trade from their own country by EU’s sanctions, set up a legal commercial channel through Cypriot passports. This assists them make their jobs well.

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