Holier than thou?

The Guardian reports on Cyprus' selling EU passports:

The government of Cyprus has raised more than €4bn since 2013 by providing citizenship to the super rich, granting them the right to live and work throughout Europe in exchange for cash investment. More than 400 passports are understood to have been issued through this scheme last year alone.

Prior to 2013, Cypriot citizenship was granted on a discretionary basis by ministers, in a less formal version of the current arrangement.

A leaked list of the names of hundreds of those who have benefited from these schemes, seen by the Guardian, includes prominent businesspeople and individuals with considerable political influence.

The leak marks the first time a list of the super rich granted Cypriot citizenship has been revealed. A former member of Russia’s parliament, the founders of Ukraine’s largest commercial bank and a gambling billionaire are among the new names.

The list sheds light on the little-known but highly profitable industry and raises questions about the security checks carried out on applicants by Cyprus.

But wait a minute!  Does the UK not do much the same sort of thing?  Again from The Guardian last July (here):

Officially called a “Tier 1 investor” visa in the UK, the scheme gives individuals residency in exchange for investing £2m in UK bonds or shares through a bank, with applicants eligible for indefinite leave to remain, and even full citizenship, after five years. That is, unless they can stump up more cash: those offering £5m can settle after three years, and those with £10m after just two.

Because the original investment is returned to the applicant along with any interest accrued, the state technically makes a loss on each visa. But supporters of the scheme argue that as well as an investment in gilts – effectively a loan to the government – the country attracts people with substantial sums of money to spend on goods, hire workers or pay taxes. 

It's a dirty business all round.