According to data from the Ministry of the Interior, a total of 7,329 foreigners received Cypriot passports under the Citizenship by Investment Program (CIP). Of these, 3,522 were investors and another 3,807 were their family members.
The scheme allowed individuals to obtain Cypriot citizenship in exchange for investments of €2 million or more into Cyprus’s economy. Thanks to the CIP, the island nation’s treasury was enriched by billions of euros. The program had a positive impact on the real estate market and the financial sector. However, it also attracted attention from international media and the European Commission due to concerns over transparency and possible violations.
Citizenship Revocations and Investigations
The Ministry of the Interior reported that during the investigations, a decision was made to revoke the passports of 373 individuals (103 investors and 270 family members). As of now, the process has been fully completed for 116 people, including 35 investors and 81 family members — for whom formal decrees annulling their citizenship have already been issued.
Additionally, 26 investors remain under further investigation — authorities are examining the legality of how they obtained citizenship. This information was provided in response to a request by the Chairman of the Parliamentary Committee on Internal Affairs, Aristos Damianou, and signed by the ministry’s Director General, Elixos Elias, following the committee meeting held on 30 October 2025.
Historical Context and Closure of the Program
Cyprus’s investment citizenship program operated for more than a decade and became one of the most discussed in Europe. It attracted wealthy investors from Russia, China, the Middle East, and other regions, offering a European passport and visa-free access to more than 170 countries in return.
However, in 2020, after high-profile investigations and pressure from the European Union, Cypriot authorities officially shut down the program. Nonetheless, its consequences are still being felt: reviews continue, and the issue of revoking illegally issued passports remains a topic of public and political debate.
Cyprus’s Modern Policy Toward Investors
After the closure of the CIP, Cyprus shifted its focus to new forms of attracting capital — for example, the fast-track permanent residency program for investors — aimed at promoting business initiatives and innovation. Authorities emphasize that current rules are far stricter and more transparent to prevent past mistakes from repeating.
Experts note that Cyprus remains an attractive destination for investors thanks to its low corporate tax, stable economy, and strategic location between Europe, Asia, and Africa. However, obtaining citizenship or permanent residency now requires an impeccable reputation and proven contribution to the country’s economy.