February, 18, 2026. A Nicosia criminal court has acquitted former President of the House of Representatives Demetris Syllouris and former Member of Parliament Christakis Giovanis in a case related to Cyprus’s former Citizenship-by-Investment (CBI) programme.
The court found that prosecutors had not established the required elements of criminal intent or proven the allegations beyond reasonable doubt. The judgment, delivered by a three-judge panel, concluded that key aspects of the prosecution’s case were not sufficiently supported by the evidence presented.
Background on Cyprus’s Citizenship-by-Investment Programme
Cyprus operated its Citizenship-by-Investment programme from 2007 until its termination in November 2020. The programme attracted international investors by offering citizenship eligibility through qualifying investment, contributing significant foreign capital to the Cypriot economy.
The programme came under increased scrutiny following an undercover investigation in 2020, which led to public debate regarding governance standards, oversight procedures, and the administration of applications. Following these developments, the government discontinued the programme and initiated a broader review of previously granted citizenships.
Implications for Investors
The court’s decision represents a significant legal development in one of Cyprus’s most closely followed investment migration cases. While separate legal proceedings related to the former programme remain ongoing, the ruling provides further clarity regarding the judicial process surrounding past programme activities.
For investors, Cyprus continues to maintain its position as an attractive European investment destination, supported by its strategic location, EU membership, established financial services sector, and ongoing reforms aimed at strengthening transparency and regulatory standards.
Saratoga Capital continues to monitor developments across investment migration markets, recognising the importance of regulatory certainty, institutional quality, and long-term value creation when evaluating investment opportunities.
About Saratoga Capital
Founded in 2008, Saratoga Capital Partners is a private equity and alternative asset management firm with a strong foundation in advisory and capital markets. Today, we develop and manage differentiated investment solutions, partnering with entrepreneurs, management teams, and investors to unlock opportunity, create enduring value, and deliver attractive long-term returns.