Cyprus is in the process of retracting hundreds of citizenships that were previously granted under its formerly profitable Citizenship by Investment Program (CIP). This action highlights how loopholes were exploited by criminals and fraudsters to acquire so-called “golden passports.”

As of now, 304 individuals, including 88 principal investors and 216 of their family members, are either in the process of losing or have already lost their Cypriot citizenship due to fraudulent activities, misrepresentation, or serious criminal charges.

**How the Program Operated**

The Citizenship by Investment Program, which was active until 2020, allowed foreigners to gain fast-tracked naturalisation by making substantial financial investments in Cyprus’s economy, predominantly in the real estate sector. In exchange, these investors obtained EU passports, providing visa-free travel to over 170 countries and full rights within the European Union once Cyprus joined the Schengen area.

**The Collapse of the Program**

The initiative came to an abrupt halt in November 2020 following disclosures that Cypriot passports were being issued to criminals and individuals with political exposure, including some under international sanctions or sought after for financial crimes. This led to a cessation of the program due to its misuse.

**Government Action on Revocations**

Since March 2023, under the leadership of the Christodoulides government, the Ministry of Interior has intensified its efforts to rectify the issues left by the program. Currently, 304 citizenship revocations are in process, involving 88 fraudulent investors and 216 of their family members. To date, 112 cases have concluded with formal revocation decrees. Additionally, 69 previously languishing revocations have been reactivated.

**Noteworthy Revocations**

Jho Low, a prominent figure involved in the 1MDB scandal, is one of the most eminent cases of citizenship revocation. Although he secured Cypriot nationality in 2015, his status was officially rescinded in June 2024 after being a fugitive for nearly ten years.

**Reasons for Citizenship Revocations**

The primary reasons for citizenship revocation include false declarations and misleading information—investors often lied about their circumstances, including commitments to attend citizenship ceremonies, while some were incarcerated. Further issues involved forged marital statuses and understated investment commitments. Moreover, several investors were later convicted of severe crimes such as money laundering and corruption, making them ineligible under the program’s initial criteria. Currently, 20 investors are facing criminal charges in their home countries on accounts of tax evasion and financial fraud, with these cases vigilantly observed by the government.

**Procedures for Revocation**

Under Article 113 of Civil Registry Law 141(I)/2002, the process for citizenship revocation involves notifying the individual of the intent, allowing for objections via an Independent Review Committee, considering the committee’s recommendations, and issuing a formal revocation decree. This ensures adherence to due process while safeguarding public interest.

The law also clarifies that any investments contributing to citizenship acquisition will not be refunded.

**Commitment to Restoring Cyprus’ Reputation**

Interior Minister Constantinos Ioannou has emphasized that the revocation process will persist for all problematic cases, reinforcing the state’s dedication to integrity and accountability in its naturalisation procedures. “Our aim is to uphold the credibility of our naturalisation process and preserve the fundamental values of our Republic,” Ioannou affirmed. “Nobody is above the law.”

**A New Chapter for Cyprus’ Citizenship Policy**

As the CIP program has been dismantled and public trust needs rebuilding, Cyprus is at the start of a challenging journey to restore its international standing. The extensive revocation measures could signify the commencement of more comprehensive reforms. As more cases are reviewed, Cyprus sends a clear message: citizenship is not for sale—not any longer.