Philenews

EC Terminates Procedure Regarding Cyprus Investment Program, Confirming Correct Course

Published March 12, 2026, 14:13
EC Terminates Procedure Regarding Cyprus Investment Program, Confirming Correct Course

The European Commission has decided to terminate the infringement procedure concerning the former Cyprus Investment Program, a development described as particularly significant by Government Spokesperson Konstantinos Letymbiotis. This decision is seen as confirmation that the government's policies and decisions are moving in the right direction, as it recognizes the efforts made to address the issues that had arisen. A crucial step towards this goal was the definitive abolition of the possibility of granting Cypriot citizenship to investors, a decision taken in October 2022 that strengthened Cyprus's institutional safeguards. The program had already been terminated on November 1, 2020, making its reinstatement impossible. At the same time, the government strengthened transparency and accountability by institutionalizing the publication of citizenship deprivation decisions in the Official Gazette. This ensures timely information for stakeholders and prevents the use of invalid documents. The government has also undertaken intensive scrutiny and deprivation of citizenship in cases where deemed necessary. From March 2023 to March 2024, the Council of Ministers made 39 decisions concerning 147 individuals, with further decisions expected. The European Commission's decision is part of the government's broader efforts to strengthen Cyprus's institutional credibility and demonstrates that with political will, institutions can function effectively.