The Cyprus government has taken a decisive step to restore the country’s international reputation. The Cabinet of Ministers approved a bill to remove provisions that allowed Cypriot passports to be issued to foreign investors and their families under the so-called “golden passport” program. According to government spokesperson Konstantinos Letimbiotis, the relevant section of the existing legislation will now be fully eliminated.
Why the Program Is Being Closed
The citizenship-by-investment program officially ended in 2020 due to allegations that it was being used by individuals of questionable reputation to obtain Cypriot passports. The European Commission initiated legal proceedings, and an Al Jazeera documentary exposed corruption risks, leading to the resignation of high-ranking officials.
Under the new rules, any future decision to grant citizenship through investment will require a separate law passed by Parliament, preventing a return to the previous system.
New Rules and Oversight Mechanisms
The reform introduces additional control mechanisms. Individuals who are stripped of Cypriot citizenship will have the right to appeal the decision before an independent committee within 60 days. Each decision to revoke citizenship will also be published in the official government gazette, increasing transparency and accountability.
According to Letimbiotis, the changes were prepared in collaboration with the legal service and the European Commission, aiming to strengthen trust in the Republic of Cyprus internationally and eliminate accusations of “citizenship-for-sale.”
Results and Consequences
Since the program’s termination in 2020, the government has revoked 150 passports issued under the “golden investment” scheme, including 41 investors and 109 family members.
Ongoing legal proceedings involve former officials and businessmen implicated in suspicious naturalizations, including former Parliament Speaker Demetris Syllouris, MP Christakis Giovanis, and former Transport Minister Marios Demetriades.
What This Means for Investors
For foreign entrepreneurs and wealthy individuals, this decision permanently closes the “fast-track” route to a Cypriot passport. Citizenship can now only be obtained through traditional channels—naturalization via residence, employment, or family connections.
However, analysts note that Cyprus remains highly attractive for investment: the country retains its status as a favorable jurisdiction for business, international companies, and the IT sector, while continuing to be one of Europe’s most popular tourist and relocation destinations.