Cyprus: 39 investors deprived of citizenship by the Council of Ministers

Cyprus: 39 investors deprived of citizenship by the Council of Ministers

The Council of Ministers today decided to initiate a procedure for the deprivation of Cypriot citizenship for 39 investors and 6 members of their families, as well as the annulment of a previous decision of the Council of Ministers to naturalise one investor and one dependent family member, according to a written statement by the Government Spokesman of the Republic of Cyprus, Marios Pelekanos.

As is known, the Investigative Committee on Exceptional Naturalisations of Foreign Investors and Entrepreneurs (which was set up by order of the Attorney General of the Republic), chaired by Mr Nicolatos, submitted with its findings recommendations which, among others, included the investigation of the possibility of revoking a number of passports, as well as recommendations for other actions, for a total of 102 cases.

The competent unit of the Ministry of Interior, after studying the findings of the report, submitted specific recommendations to the Council of Ministers, which the Council of Ministers adopted.

The Council of Ministers decided to initiate a procedure for the deprivation of Cypriot citizenship for 39 investors and 6 members of their families, as well as to annul a previous decision of the Council of Ministers to naturalise one investor and one dependent family member.

The Council of Ministers also decided to further investigate 6 additional cases, but also to keep 47 other cases under continuous monitoring on the basis of the foreseen procedures.

For two cases, the recommendation of the Investigation Committee was to deprive them of Cypriot citizenship, provided that it was established that they did not comply with the terms and conditions of the CCP, i.e. provided that it was established that they did not maintain possession of the investment/permanent owner-occupied dwelling. After investigation it was established that they still own the investment/permanent private dwelling and therefore there is no legal ground for deprivation. The Decision will also be notified to the European Commission./ibna