Cyprus has officially revoked the citizenship of 304 individuals, including 88 investors and 216 family members, who obtained nationality through the now-defunct Golden Passport Program. The revocations were made after investigations linked these individuals to fraud, criminal activity, and false declarations.

The Cypriot authorities have stepped up efforts to cleanse the country’s Citizenship-by-Investment scheme, which has long faced criticism for its alleged role in facilitating money laundering, corruption, and other illegal activities.

Launched to attract non-EU investors, the Cyprus Citizenship-by-Investment Program granted nationality in exchange for significant financial contributions and compliance with certain requirements. However, following multiple reports uncovering irregularities — including allegations of tax evasion and financial crimes — the program was officially terminated in 2020.

Under Cypriot law, citizenship can be revoked for reasons such as:

• False statements or misleading information

• Criminal convictions

• Ongoing criminal proceedings

• Being subject to an international arrest warrant

Before any revocation becomes final, affected individuals are notified, given the opportunity to submit formal objections, and undergo a full review by a committee before a decree is issued.

According to Cyprus’ Interior Minister Constantinos Ioannou, each case is being thoroughly reviewed to restore trust in the naturalization process.

In November 2024, Cypriot authorities revoked an additional 77 passports issued under the Golden Visa scheme.
Among the high-profile individuals affected were Russian oligarch Alexei Kuzmichev, metals tycoon Oleg Deripaska, former FSB officer Sergey Kovbasyuk, Ukrainian billionaire Ihor Kolomoisky, and fugitive Malaysian financier Jho Low.

Since its inception, Cyprus’ Golden Passport scheme generated over €7 billion in investments, significantly boosting the island’s economy. However, investigative reports — including a notable exposé by Al Jazeera — revealed that the program also opened the door to financial misconduct, ultimately leading to its shutdown.

Today, Cyprus continues to tighten its regulations and maintain stricter scrutiny to protect the integrity of its citizenship programs.