Former Financial Ombudsman: Over 3,000 Illegal Naturalizations in Cyprus

On February 18, 2026, former Financial Ombudsman Pavlos Ioannou announced the identification of mass violations in Cyprus' citizenship program. According to him, the Nicolatos Commission discovered around 3,000 cases of passports issued illegally.

The Commission examined approximately 6,000 cases to verify the legality of procedures across different periods. Ioannou noted that in several instances, elements requiring a criminal investigation were found.

The committee itself did not have the power to prosecute and characterized the situation as "high risk." Following the audit, the commission's findings were sent to the Attorney General's Office, which initiated police actions.

Ioannou also pointed to systemic gaps in oversight: constant changes in financial rules created conditions for abuse, and due diligence checks on applicants were often not conducted. He cited examples of a lack of physical verification of the real estate being purchased.

In his assessment, the mass issuance of passports and weak controls led to the discredit of the Cypriot economy on an international level and required the intervention of law enforcement agencies.