Implications of the amendments to persons who have already acquired the Cypriot citizenship by way of investment
Apart from the amendments to the CIP that have been decided to come into force and to impose stricter criteria and requirements concerning the application itself, the Council of Ministers also decided to use the services of three private companies to carry out due diligence check on all applicants, who have already submitted their applications.
Furthermore, it was decided that previously approved applications will also be re-examined it the light of the new criteria, which implement a more rigid due diligence check. In cases where it is proved that a person should not have been granted the Cypriot citizenship, if the new criteria had been applied during the examination of his/her application, then the citizenship may be revoked.
According to Civil Registry Law 141(I)/2002, as amended, there are a number of cases where a citizen of the Republic of Cyprus who is a citizen by registration or by naturalization (including persons who have been granted citizenship according to the CIP), ceases to be a citizen of the Republic of Cyprus, if the Council of Ministers issues an Order that deprives him/her of the citizenship according to the criteria set out in the law.
These cases extend to the case where a person is sentenced in any country to imprisonment for a particularly harsh offence, to the case where a person by words or conduct has shown lack of loyalty to the Republic of Cyprus etc.
Furthermore, the Council of Ministers may by Order deprive the citizenship of a person, if it is satisfied that the registration or the certificate of naturalization has been obtained by fraud, false representation or concealment of any material fact.
In addition to the above mentioned reasons for deprivation of citizenship, the Council of Ministers may also by Order deprive the citizenship of a person, if it is satisfied that this person usually resided in foreign countries for a continuous period of 7 years and during this period he/she has not:
a) been at any given time in the service of the Republic or of an International Organization of which the Republic is a member; or
b) notified each year, with the prescribed manner, to the Consulate of the Republic his/her intention to maintain his/her status as a citizen of the Republic.
However, it is highlighted that the Council of Ministers shall not deprive any person of his/her status as a citizen, unless it is satisfied that it does not serve the public interest that such a person continues to be a citizen of the Republic of Cyprus.
In any case, the Council of Ministers shall give the relevant person a written notice, informing him/her about the reason for issuing such an Order.
For more information concerning the amendments in the Cyprus Investment Program, do not hesitate to contact us