Cyprus

The government green-lit to 390 passports for foreign nationals applying under the now-defunct citizenship-by-investment (CBI) program, after the program was terminated, MPs heard on Monday.

Interior Minister Nicos Nouris, while presenting his ministry’s 2022 budget before the House Finance Committee in parliament, said the cabinet gave the nod to 390 CBI applicants who had managed to file applications by October 31, 2020 – the day before the government officially nixed the program.

The 390 Cypriot passports in question relate to foreign investors and family members. They were approved by July 31 this year.

Nouris said that until 31 July 2021, he had forwarded 1413 applications to the Cabinet, submitted through the country’s citizenship-by-investment program that stopped taking new applicants on 31 October 2020. Nouris told MPs the 390 were approved, while some 1023 were rejected.

Of these 1,413 applications, Nouris said, 691 were petitions by investors, and 722 were from their dependants.

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Source: Cyprus mail