Cyprus has stopped its "citizenship by investment" program for good. This program allowed rich people to get Cypriot and EU passports. However, it caused many problems.
The European Union was not happy with this program. They thought it was not fair. The EU even started a legal case against Cyprus. This program also had scandals at home. People said background checks were not good. This hurt Cyprus's image internationally.
Now, a new law stops the program forever. It also means old applications will be checked. Some people might lose their passports. This is because they may not have met the rules. Those affected will be told. They will have time to explain their situation.
The parliament had different ideas about the program. Some said it helped the economy. However, they also said it hurt the country's principles. Others said it was good for building and banks. But they knew it had risks.
This law also changes how honorary citizenship is given. It will recognize people who helped Cyprus. This new system is separate from the old investment program. The goal is to be more open.
This law is a big step for Cyprus. It tries to fix problems with the EU. However, more discussions will happen. People want to know who was responsible for past issues. The review of old passports will take a long time.