Cyprus continues to actively clean up its investment citizenship programme. On Wednesday, 10 September, the Cabinet of Ministers, led by Interior Minister Constantinos Ioannou, approved decisions to revoke the citizenship of six foreign investors and 22 of their family members.
This is not the first such step; just a week ago, the citizenship of another 26 people, including seven investors and 19 relatives, was revoked. Thus, Cyprus has recently pursued a consistent policy of revoking 'golden' passports obtained through violations.
The scale of citizenship revocations
Since Nicos Christodoulides became president of Cyprus in March 2023, 41 decisions have been made to revoke passports. These measures have affected 150 people — 41 investors and 109 of their relatives. From 2021 to the present day, 360 people have been stripped of their citizenship, including 101 foreign investors and 259 of their immediate relatives. The process has already been completed for more than a hundred people: their passports and identity cards have been officially revoked.
The reasons for these decisions vary: some investors have been subject to international sanctions, some are wanted by the authorities and some did not meet the criteria for obtaining a Cypriot passport.
Why is Cyprus abandoning ‘golden’ passports?
The investment citizenship programme, also known as the 'golden passport' scheme, was active until 2020 and allowed foreign investors to obtain citizenship in exchange for making significant investments in the country's economy and real estate. However, the programme was marred by numerous corruption and money laundering scandals. Consequently, it was officially closed in November 2020.
The government's current actions are aimed at rectifying past mistakes and rebuilding Cyprus's international reputation. According to government officials, regularly reassessing citizenship already granted has become a priority for the state.
Legal basis for the process of deprivation of citizenship
The legal basis for the process of revoking citizenship is set out in Article 113 of Law No. 141(I)/2002 ‘On the Population Registry’.
The procedure for revoking citizenship is regulated by Article 113 of Law No. 141(I)/2002 'On the Population Registry'. This article gives the Cabinet the right to revoke the Cypriot citizenship of individuals who obtained it through naturalisation, but who have broken the law or no longer meet the required conditions.
Before a decision is made, the individual concerned receives written notification of the reasons and their right to appeal to the Independent Commission on Citizenship. Only after considering the Commission's conclusion does the government issue a final decree on the revocation of the passport.
International context
Global practice shows that investment passports are becoming increasingly controversial. The European Union has repeatedly criticised Cyprus and Malta for such schemes, considering them a threat to security. Between 2024 and 2025, Brussels will be discussing a complete ban on such programmes in all EU countries.
Seeking to avoid new sanctions and criticism, Cyprus is taking a tough stance: even years later, it is prepared to revoke the citizenship of those who do not meet the requirements or are involved in questionable activities.