The Administrative Court of Cyprus has issued a ruling that could set an important precedent in cases involving the revocation of citizenship granted under the investment program. Judge Ariadne Zervou declared unlawful the decision of the Council of Ministers to annul the “golden” passport of Indian businessman Anubhav Aggarwal. The ruling, delivered in late April 2026, overturns the previous government decision that stripped the entrepreneur and his family members of Cypriot citizenship, which they had obtained in 2016.
Case Background and Allegations Against the Investor
Aggarwal obtained a Cypriot passport through the investment citizenship program that was in effect on the island until November 2020. Later, after the program was shut down due to a corruption scandal, a special commission led by former Supreme Court president Myron Nicolatos began reviewing all issued passports. In 2021, the commission recommended revoking Aggarwal’s citizenship, claiming that the Indian businessman had concealed his connection to ARK Imports Private Limited, as well as the fact that he was involved in a major financial fraud case in India linked to the NSEL exchange. The estimated damage in that case reached a staggering $5.6 billion, and Aggarwal’s company was among the largest debtors.
Court’s Arguments: Procedural Violations and the Right to Fairness
During the proceedings, the Administrative Court of Cyprus identified a number of serious procedural violations committed by the government when deciding to annul the passport. First, the Council of Ministers did not conduct its own thorough investigation and instead relied solely on the formal conclusion of an independent committee. Second, Aggarwal’s right to be heard was only nominally respected — the arguments presented in detailed explanatory letters by his lawyers were not fully reviewed or properly assessed by the committee.
The most crucial factor was that at the time of submitting his citizenship application in 2016, as well as during its review, no criminal case had been initiated against the businessman. Legal proceedings only began in 2017 — after he had already obtained Cypriot citizenship. Moreover, the citizenship revocation committee failed to consider that Indian law prohibits dual citizenship. This meant that by losing his Cypriot passport, Anubhav Aggarwal would automatically become stateless — a highly sensitive issue under international law.
Key Verdict
In her decision, Judge Ariadne Zervou emphasized that the government’s decision to annul the passport was based on incorrect data and without a proper examination of all factual circumstances. Furthermore, the court explicitly stated that revoking citizenship in this case constitutes a “disproportionate measure,” especially given the risk of rendering the individual stateless. This statement is of major importance, as the court affirmed that the right to citizenship cannot be taken away so easily, particularly when a fundamental human right — belonging to a state — is at stake.
Context of the “Golden Passport” Program
It is worth recalling that Cyprus’s controversial investment citizenship program operated from 2007 to 2020. During that time, nearly 6,800 wealthy foreigners obtained passports. Following a series of journalistic investigations, including a high-profile report by Al Jazeera that revealed Cypriot officials were allegedly willing to assist even fictitious criminals in obtaining citizenship, the program was shut down. The Nicolatos Commission ultimately concluded that more than 53% of all issued “golden” passports had been granted in violation of the law. Since then, the Council of Ministers has approved the revocation of 306 passports issued to 88 investors and 218 of their family members.
The Administrative Court’s ruling in favor of Aggarwal establishes an important legal benchmark for similar cases and may influence future practices of citizenship revocation in Cyprus. At the same time, criminal proceedings related to corruption schemes surrounding the investment program are ongoing. Former Transport Minister Marios Demetriades and several other individuals are currently facing 59 charges related to corruption, bribery, and money laundering. All defendants deny the accusations.