Following a comprehensive round of retroactive due diligence on citizenship by investment applications approved prior to the 2018 tightening of vetting procedures, Cypriot authorities identified 26 cases of inappropriate naturalizations. To rectify missteps of the past, the government vowed to revoke those citizenships.
(a) By works or words he has demonstrated, dishonesty or malice in the Republic;
(b) in any war waged by the Republic illegally engaged in a transaction or communicated with the enemy or engaged in or engaged in any business which is performed so as to help the enemy in this war;
(c) within ten (10) years from the registration or naturalization was sentenced in any country to imprisonment for particularly heinous offense or an offense involving moral turpitude a, provided that such conviction concerns an offense which constitutes the Republic offense is particularly heinous or moral turpitude, which carries a prison sentence.”
Article 111A (2) provides that the Council of Ministers may authorize the alienation of foreign businessmen and investors without any requirements of the legislation being met. For such cases and for honorary naturalization cases, the Council of Ministers shall issue Regulations specifying the terms and conditions under which naturalization is permitted.
The legal issue, therefore, is that Article 111A is not included in Article 113 which provides for the deprivation of Cypriot citizenship.
Jho Low, the family of Hun Sen, and other CIP-naturalized Cypriots whose passports were destined for the shredder are, consequently, still in possession of their citizenships. This impasse is unlikely to last very long, however, as the ministers of Interior and Justice are reportedly planning to meet with the Attorney General “soon” to discuss how the law can be amended to accommodate the special circumstances.
In a piece of good news for the program, the three due diligence firms officially appointed to audit applications going back to 2013 report that they have identified no further cases, beyond the 26, of CIP-citizens doing anything to warrant alienation.
Want to know more about the Cyprus CIP? To see recent articles, statistics, official links, and more, please visit its Program Page. To see which firms can assist with applications to the program, visit the Residence & Citizenship by Investment Company Directory.
Image via: Cyprus Mail
Christian Henrik Nesheim is the founder and editor of Investment Migration Insider, the #1 magazine – online or offline – for residency and citizenship by investment. He is an internationally recognized expert, speaker, documentary producer, and writer on the subject of investment migration, whose work is cited in the Economist, Bloomberg, Fortune, Forbes, Newsweek, and Business Insider. Norwegian by birth, Christian has spent the last 16 years in the United States, China, Spain, and Portugal.