Cabinet revokes ‘golden passports’ of three investors

Three investors had their Cypriot passports revoked after a Cabinet decision on Wednesday, that also stripped the individuals’ wives and children from their Cypriot documentation.

According to government spokesman Konstantinos Letymbiotis, the decision was taken after “the necessary investigation” was undertaken.

Wednesday’s cabinet session also moved to approve a 2023 bill on issuing court orders linked to protecting the collective interests of consumers.

“The bill modernises the existing institutional framework for protecting consumers collective interests,” which allows courts to order a stop to behaviours that violate the legislation on consumer protection.

The bill also introduces new rules that courts can use to issue corrective decisions, where consumers have been wronged.

During the cabinet session, ministers did not approve a bill on the ‘basket of goods’ which has been discussed since last year, citing not enough information.

Letymbiotis said ministers have asked for more clarification of what it could entail and will be tabled for a subsequent cabinet session.