Cyprus Second Passport Program and its Further Development

On April 1, EU member states sent a request for the gradual closure of the Citizenship by Investment program in Malta, Cyprus, and Bulgaria. The head of the Ministry of Internal Affairs of the Republic of Cyprus, Nicos Nouris, said that the Government is not going to abandon the concept of “golden passports”. According to Nouris, this may be the only way to attract foreign direct investment in the country's economy, which is in crisis because of a pandemic.

“With the measures which have been taken after May 2019, we see no reason as to why it [the program] should be stopped but also the checks now go above and beyond,” he said in an interview with the newspaper Phileleftheros.

According to the data, the EU also asked for a detailed plan with a possible final closure of the program.

The measures Cyprus is currently using are partially verified by previous applicants. The Government shall revoke citizenship if "an audit reveals that a person or a member of his family has been accused of any crimes, or is subject to European or international sanctions."

Proponents of the Citizenship by Investment program argue that the program stimulates the economy and creates jobs.