Under pressure from the EU, in February 2019 the government approved tighter rules on who could apply for the Cyprus Investment Programme (CIP).
People who had applications for citizenship rejected in other EU nations were banned.
On July 25, 2019, ministers agreed to ban people regarded as “high-risk” from the programme. This included:
- Applicants facing criminal investigation, even if not yet charged.
- Applicants who are defendants in criminal prosecutions.
- Applicants who had received a prison sentence for serious offences such as bribery or tax evasion, even if it was later commuted.
- Applicants under investigation or who had been investigated by Interpol or Europol.
- Applicants who hold or have held senior positions, shareholdings or associations with entities under sanctions from the UN, the EU and third-party states such as Russia, Ukraine, and the United States.
- Politically Exposed Persons (PEPs): Individuals who have been entrusted with prominent public functions. The definition also applies to family members of those who have served in state roles. People remain PEPs for five years after they or their family members left the role in question.
But in August 2020 some of the rules were relaxed.
PEPs can now apply for citizenship just 12 months after leaving office, instead of 5 years.
Bans on applicants under criminal investigation or with convictions apply to offences punishable by 5 or more years imprisonment, or crimes involving a moral depravity.
Applicants under third-country sanctions are no longer banned. A person can apply for the programme 12 months after their EU or UN sanctions are lifted or their association with the sanctioned entity ends.
