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Could investors of the Cyprus CBI program who applied after 2018 face retroactive due diligence?

I applied in the summer of 2018 and successfully obtained my Cyprus citizenship. The recent revoke of Cyprus citizenship of several CBI investors who applied before 2018 worries me. Could such retroactive due diligence happen sometime in the future for investors who applied after 2018?


Answers
  • Vasiliou Law
    March 26, 2020

    Retroactive due diligence is possible to be done for your case, however, if all the AML requirements and the source of wealth were present then additional due diligence will not affect your status, in case they need additional documents from you in relation to your application, they will request them in advance.

  • Costas Indianos & CO – Advocates & Legal Consultants
    December 05, 2019

    It is a possibility if the ministry of interior decides to do so, but there must be a legal justification for it.

  • Costas Indianos & CO – Advocates & Legal Consultants
    November 25, 2019

    The ministry of interior has the power to do it, however, they would only advance to such procedure if they find a serious breach in the due diligence made under your application.

  • CHRISO SAVVA LLC
    November 25, 2019

    Yes there will be retrospective due diligence, but if your documents and funds were in accordance with the law, you have no cause for concern.

  • Fidescorp Chartered Accountants
    November 24, 2019

    The understanding from the announcements of the government of Cyprus is that the due diligence will apply to investors who applied for naturalization prior to the implementation of the new, more strict criteria in 2018.