The program was launched in 2013 and has issued more than 3.2 thousand people a Cypriot passport. In 2019, the terms of the agreement have been updated with additional security checks and additional fees.
International companies Sterling Diligence, Kroll, S-RM Intelligence and Risk would officially be starting the re-checks in December. The companies will focus on searching for persons who are suspects in crimes or those who are under EU sanctions, which may have been hidden throughout the application process.
The re-checking of applications has occurred following a warning by the European Commission. Concerns have been raised that organised criminal groups could access Europe with Cypriot passports.
The republic is still on the list of major international investors in Russia and holders of ruble assets, along with other locations such as Ireland, Luxembourg and the UK. Experts point out that it is Russians investing in the Russian economy using foreign instruments.