Cyprus: Confidentiality for Citizenship by Investment Scheme

According to the commissioner for personal data protection, Irini Loizidou, leaking a list of names which belong to beneficiaries of Cyprus’ citizenship-by-investment scheme to the media is possibly a criminal offence.

Following this, the reports named numerous individuals and law firms involved in the scheme.

Loizidou is said to have stated that the matter is in the hands of the attorney-general whether there were grounds for a criminal investigation.

At the same time, Michalis Michael, the chairman of the state-sponsored Cyprus Investment Promotion Agency (CIPA), stated in an interview with state-radio CyBC said that Cyprus needs to safeguard the confidential handling of any personal data of beneficiaries of its controversial citizenship-by-investment scheme.

Michael’s statement came a day after a list of names of those people who were granted citizenship were leaked to local media.

According to the chairman,  who is also a managing partner at the Cypriot division of the auditing firm KPMG, says that the scheme is beneficial however Cyprus needs to continue to strengthen it.