The Republic of Cyprus continues its efforts to address the aftermath of the controversial Citizenship-by-Investment programme—familiarly known as the “Golden Passport” scheme—which was officially terminated in November 2020. Recently, the Council of Ministers approved six new proposals to revoke Cypriot citizenship from 28 individuals who had acquired it under this now-defunct programme.
According to the Ministry of Interior, this brings the total citizenship revocations under President Nikos Christodoulides’ administration to 41 decisions, impacting a cumulative 150 people—comprised of 41 main investors and their 109 family members.
The Council also issued formal Deprivation Orders for 69 individuals, with their cases initially assessed between 2021 and 2023. To date, revocation has been fully executed for 15 individuals, including five investors and ten dependants. Since the programme ended, the government has taken steps to cancel the citizenship of 360 individuals (101 investors plus 259 relatives), with 112 cases already finalized and passports officially annulled.
Regular followers of the Cyprus property market might recall the 2021 report led by former Supreme Court judge Myron Nikolatos, which uncovered serious legal breaches within the scheme. The investigation revealed that more than half of the 3,000 citizenships granted from 2007 until August 2020 were unlawfully issued.
The government emphasizes these ongoing revocations are part of a comprehensive reform strategy to improve transparency, combat corruption, and rehabilitate Cyprus’ standing on the international stage. Currently, amendments to the Civil Registry Law are being finalized in collaboration with the Attorney General’s office to implement the European Commission’s recommendations and prevent any recurrence of similar issues.
“This is a significant reform that strengthens transparency, restores trust in the Republic, and sends a clear message that Cyprus is moving forward with modern European principles and values,” said an official statement from the Ministry.
Alongside policy reforms, legal accountability is underway. Two high-profile politicians implicated in the citizenship scandal appeared in court recently. Former House Speaker Dimitris Syllouris and ex-MP Christakis Giovanis pleaded not guilty to charges related to the naturalisation irregularities.
Syllouris denied illegal actions, emphasizing the personal toll the case has taken on him and his family. Giovanis also refuted any wrongdoing, clarifying that certain naturalisation documents pertaining to a Russian national were managed by his lawyer.
The trial remains active, and the judicial process will continue to unveil further details.
While these developments underscore a turbulent chapter in Cyprus’ history, the real estate market remains vibrant and promising. For buyers interested in legitimate investment opportunities, INDEX.cy offers a comprehensive selection of properties across the island—from cheap houses and villas for sale in Cyprus to premium apartments and plots of land.
As Cyprus moves forward with reinforced regulatory measures, investors and homeowners alike can have greater confidence in the stability and integrity of its property market.
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