Cyprus's finance minister acknowledged on Tuesday that some mistakes were made in offering citizenship for investment after disclosures about beneficiaries triggered uproar on the Mediterranean island.investigation published in October revealed that wealthy relatives and allies of Cambodian Prime Minister Hun Sen have been buying foreign citizenship, with eight members of his inner circle receiving Cypriot passports.
"We have to acknowledge that in the early years mistakes were made. Isolated albeit, but not insignificant," Cypriot Finance Minister Harris Georgiades told a business conference in Nicosia. "Substantive corrective measures related to the programme have come into effect since the beginning of this year."
Cyprus has had a citizenship-for-investment plan in place since 2013, under which a minimum 2 million euro investment can acquire a passport and visa-free travel throughout the European Union. It has been reviewed several times and criteria are now stricter, authorities say.' disclosures triggered demands from Cypriot opposition parties for answers.
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