Cyprus is revoking hundreds of citizenships granted under its once-lucrative Citizenship by Investment Programme (CIP), revealing how criminals and fraudsters exploited loopholes to obtain “golden passports”.
To date, 304 individuals, including 88 investors and 216 family members, have lost or are losing their Cypriot citizenship due to fraud, false representation, or serious criminal charges.
A passport for a price: How the citizenship scheme worked
The Citizenship by Investment Programme, active until 2020, offered fast-track naturalisation to foreigners who invested large sums in the Cypriot economy – mainly real estate. In return, investors received EU passports, granting them visa-free access to over 170 countries and full rights within the European Union.
Why the citizenship scheme collapsed
The programme was brought to an abrupt and ignominious end in November 2020, following damning reports – most notably from Al Jazeera – exposing how Cypriot passports were being sold to criminals and politically exposed persons (PEPs), some of whom were under international sanctions or wanted for financial crimes.
Government response: a sweeping revocation effort
304 passports under review
Since March 2023, under the Christodoulides government, the Ministry of Interior has intensified its efforts to clean up the citizenship scheme’s legacy. As of now:
- 304 individuals face citizenship revocation
- 88 fraudulent investors
- 216 family members
- 112 cases have already resulted in finalised revocation decrees
- The Ministry is reactivating 69 previously stalled revocations
Jho Low’s citizenship revoked
One of the most high-profile revocations involved Jho Low, the Malaysian financier behind the 1MDB scandal. He obtained Cypriot citizenship in 2015, and only had it officially revoked in June 2024, despite being an international fugitive for nearly a decade.
Why were citizenships and passports revoked?
- False declarations and misleading information – Many investors lied about their status, with some falsely claiming professional obligations prevented them from attending citizenship ceremonies. Investigations revealed several were actually imprisoned at the time. There were also cases of falsified marital status and under-reported investments—applicants claiming to invest millions, but committing only a fraction.
- Criminal convictions – Numerous investors were later convicted of serious crimes, including money laundering, corruption, and organised crime, making them ineligible under the original programme criteria.
- Ongoing criminal proceedings and wanted status – While an open investigation isn’t grounds alone for revocation, 20 investors currently face criminal charges in their home countries. Offences range from tax evasion to conspiracy and financial fraud. The government is closely monitoring these cases in anticipation of future action.
- Violation of investment conditions – Some applicants failed to complete the required property developments. Others sold their assets and left the country immediately after naturalisation, violating the terms of their citizenship approval.
How does citizenship revocation work in Cyprus?
Under Article 113 of Civil Registry Law 141(I)/2002, the Cypriot Cabinet must:
- Notify the individual of the intent to revoke citizenship
- Allow a formal objection through the Independent Review Committee
- Consider the committee’s opinion
- Issue a formal decree revoking the citizenship
This ensures due process, while enabling the state to uphold the law and protect public interests.
It’s also worth noting that, according to law – “no investment and/or contribution of money and/or donation made to the Republic and/or which constituted the reason for the granting of the status of citizen of the Republic shall be returned.”
Government vows to protect Cyprus’ reputation
Minister Ioannou: “All cases will be investigated”
Speaking to Politis, Interior Minister Constantinos Ioannou stressed that the revocation process is ongoing and will continue for all problematic cases that surface.
“Our goal is to ensure the credibility of our naturalisation process and protect the core values of the Republic,” Ioannou said. “No one is above the law.”
The end of the golden passport era?
With the CIP programme dismantled and public trust shaken, Cyprus faces a long road to restoring its international reputation. This wide-reaching revocation effort may be just the beginning of broader reforms.
