President Nikos Christodoulides has said that the decision of the European Commission to close infringement procedure against Cyprus for its investment programme sends clear messages.
Responding to a press question before attending the Pancyprian Conference of SEK, in Nicosia on 11 March, he said that he is happy with the outcome because the decisions that have been taken on behalf of the Republic of Cyprus led to this decision [of the Commission] ''which I think sends clear messages both in relation to our intentions, but also in recognition of our work and our political will on this specific issue.''
The Law Office of the Republic of Cyprus has also welcomed the European Commission's decision to close the infringement procedure against Cyprus in relation to the Cyprus Investment Programme, noting that this 'constitutes a very positive outcome for Cyprus'.
In a press release, it says that the European Commission officially communicated on Wednesday to the Republic of Cyprus that it has decided to close the infringement procedure initiated against the Republic of Cyprus in relation to the granting of citizenship to foreign investors through the Cyprus Investment Programme (CIP).
It notes that prior to this, the government terminated the CIP in 2020, and a number of actions were taken by the executive as well as the Law Office of the Republic in order for Cyprus to comply with EU law, since the European Commission came to the conclusion that the granting of Cypriot citizenship through the CIP violated EU Law.
The Law Office says that it handled this legal issue from the very beginning and that following the European Commission’s recommendations for a “judicial type” examination of all issues related to the CIP, the Attorney General of the Republic of Cyprus, appointed in September 2020, an ad-hoc Inquiry Committee headed by Myron Nicolatos, former President of the Supreme Court of Cyprus. Based on the findings of the Nicolatos Committee and the findings of the Kalogirou Committee, the Council of Ministers revoked a number of granted citizenships.
Furthermore, it says that in October 2021 and in May 2023, the Attorney General of the Republic and the Deputy Attorney General of the Republic requested and held meetings in Brussels and in Cyprus with the former European Commissioner for Justice, Didier Reynders, so as to inform the Commission of all the measures taken by the Republic of Cyprus.
A review of the measures taken by Cyprus was also carried out during a meeting the Attorney General and the Deputy Attorney General requested and held with the new European Commissioner for Justice, Michael McGrath, in Brussels, in June 2025.
Despite the fact, it adds, that Cyprus had decided to terminate CIP immediately, the European Commission had also asked for the national legislation to be further amended.
Furthermore, it says that at the initiative of the Law Office, after consulting with the Ministry of Interior, a mutually accepted legislative bill amending the relevant national law was prepared by the Law Office in co-operation with the European Commission with the aim of closing the infringement procedure. The legislative bill was immediately approved by the Council of Ministers and voted into law by the House of Representatives within 3 months after it was tabled.
"The Law Office of the Republic of Cyprus welcomes this development and the decision of the European Commission to close the infringement procedure against the Republic of Cyprus, which undoubtedly constitutes a very positive outcome for Cyprus," it concludes.
(Source: CNA)
