Finance minister, Haris Georgiades, acknowledged on Tuesday that some mistakes were made in offering citizenship for investment after disclosures about beneficiaries triggered uproar on the Mediterranean island.
Authorities in Cyprus launched a probe after the report.
Local media have subsequently reported on other beneficiaries of the scheme that benefited more than 3,200 investors and family members between 2013 and 2018.
Politis newspaper published an image of what it said was a Cypriot passport given to Malaysian businessman Low Taek Jho, who is accused of a multibillion dollar theft from a state fund. He has denied wrongdoing and his location is unknown.
“We have to acknowledge that in the early years mistakes were made. Isolated albeit, but not insignificant,” Cypriot Finance Minister Harris Georgiades told a business conference in Nicosia.
“Substantive corrective measures related to the programme have come into effect since the beginning of this year.”
Cyprus has had a citizenship for investment plan in place since 2013, under which a minimum 2 million euro ($2.2 million) investment can acquire a passport and visa-free travel throughout the European Union. It has been reviewed several times and criteria are now stricter, authorities say.
The island’s cabinet was due to discuss the matter on Wednesday, Cypriot media reported.