Cyprus tightens rules for passport-for-cash scheme

Cyprus says it is introducing tougher anti-money laundering checks in its "golden passports" program, under which it gives citizenship to foreigners who invest large sums in the east Mediterranean country.

Interior Minister Nicos Nouris said Wednesday that the government is following through on a pledge to beef up eligibility criteria in the so-called "golden passport" investment program, which has brought in billions in revenue since its introduction following a 2013 financial crisis.

He said the anti-money laundering rules will be used to bolster the vetting of prospective investors. The new rules will come into force after parliamentary approval.

A new clause will make it easier for investors who are either involved in or have been convicted of a serious crime to have their Cypriot citizenship revoked.

Investors will still need to sink 2 million euros...