The Cyprus' government has approved changes to its citizenship-by-investment scheme following pressure from the European Union and the OECD.

Applicants will, in future, have to undergo background checks by a specialist firm, and must already possess a Schengen visa allowing them to travel in the Schengen area for up to 90 days. It’s the largest free travel area in the world. 

A Schengen visa is a short-stay visa that allows a person to travel to any members of the Schengen Area, per stays up to 90 days for tourism or business purposes. The Schengen visa is the most common visa for Europe. It enables its holder to enter, freely travel within, and leave the Schengen zone from any of the Schengen member countries. There are no border controls within the Schengen Zone. 
However, if you are planning to study, work, or live in one of the Schengen countries for more than 90 days, then you must apply for a national visa of that European country and not a Schengen Visa.

Those who have already been rejected by other EU Member States will be excluded from applying for Cypress citizenship.