Between 2016 and 2021, Cypriot political parties received over €1.1 million in donations from individuals and companies connected to the Citizenship by Investment program.
These figures were made public on Tuesday, May 27, in a report by the Audit Office of Cyprus, following a request from the Parliamentary Committee on Development Plans and Public Spending Oversight.
According to the report, funds came from both newly naturalized Cypriots and companies with business ties to them.
Recipients included the island’s major political parties: DISY, DIKO, AKEL, DIPA, EDEK, and ELAM.
Some of the donations were made directly by individuals — DISY and AKEL alone received approximately €180,000 this way. These transactions were verified against official registries, with donors’ names matched to the Ministry of Interior’s list of naturalized citizens.
The investigation also revealed that companies linked to new citizens contributed another €299,500, which was distributed among DISY, DIKO, ELAM, and DIPA.
A further €645,110 came from law firms involved in processing citizenship applications.
Of this amount:
- DISY received the most — over €251,000
- DIKO followed with nearly €249,000
- AKEL received about €119,000
- Smaller sums went to DIPA and EDEK
The Audit Office emphasized that the report aims to increase transparency in political party financing and does not imply any legal wrongdoing.
All donations were made in accordance with the law and declared within the required timeframes.
However, due to the controversial reputation of the golden passport scheme, public scrutiny remains high. Reassessing such practices is seen as a vital step toward rebuilding trust in Cyprus’s democratic institutions.
The Citizenship by Investment Program ran in Cyprus until 2020 and attracted widespread criticism both domestically and from the EU.
In 2021, under EU pressure, the Cypriot government conducted an internal review, revealing that more than half of the 6,779 passports issued between 2007 and 2020 were granted to individuals who did not meet the program’s requirements.
In some cases, executives of Cypriot and foreign companies were granted citizenship even though they were not actual investors or business owners.
Important notes:
- Investors stripped of Cypriot citizenship will not be refunded for the application fees paid.
- They will not be compensated for the costs of document preparation or lawyer/consultant services.
- Real estate acquired as part of the program will remain in their ownership.
- Foreign investors have the right to challenge the revocation of citizenship in court.
Though the program has officially ended, its aftershocks continue to reverberate through Cypriot public and political life.
The publication of the Audit Office report marks another step toward understanding and accountability.