Cyprus closes citizenship-by-investment scheme

On October 2, the Cabinet of Ministers of Cyprus approved a package of amendments to the Civil Registry Law, which removes the legal provision that allowed granting citizenship to foreign investors bypassing the general naturalization requirements. This concerns the removal of subparagraph (2) of Article 111A, which previously gave the Council of Ministers the right to naturalize entrepreneurs, investors, and their family members under the now-cancelled Citizenship by Investment Program (CIP). Now, any future attempt to revive a "passport-for-investment" scheme will require a separate law approved by parliament.

According to government spokesperson Konstantinos Letimbiotis, the amendments were prepared based on recommendations from the Attorney General and in consultation with the European Commission. Their purpose is not only to regulate the procedure for revoking citizenship but also to permanently eliminate the possibility of reinstating the investment program. After Cabinet approval, the documents will be sent to the House of Representatives for discussion and voting.

The amendments also introduce additional procedural guarantees and transparency measures. Individuals whose Cypriot citizenship is revoked by government decision will have 60 days to appeal to an independent committee. Additionally, the Ministry of Interior will be required to publish notices of every citizenship revocation decision in the Official Gazette.

The changes are related to the longstanding scandal surrounding so-called "golden passports," whose program was terminated in 2020 amid investigations and pressure from the European Union. As Letimbiotis noted, since March 2023, the government of Nikos Christodoulides has revoked 150 passports — 41 investors and 109 family members.

Thus, the authorities are taking steps toward permanently closing all legal loopholes that allowed bypassing standard naturalization criteria such as length of residence, knowledge of Greek, social integration, property ownership, and stable income. The full legal effect of the amendments will come into force after parliamentary approval.