Cyprus plans to limit presidential immunity from prosecution in order to increase the accountability of politicians.
President Nicos Anastasiades, in office less than two months, says presidential terms will be limited to two consecutive 5-year periods, the Associated Press reported.
However, a former president can seek re-election again after a one-term break or more.
As it stands, there is no limit on the number of consecutive terms a president can serve.
Anastasiades said the changes would boost public confidence and modernize the eastern Mediterranean state's entire functioning.
According to Reuters, Cypriots have been "left in shock" by the financial crisis that engulfed the euro zone’s third-smallest economy.
After already becoming "jaded by graft and economic mismanagement" that left the country with "brutal" EU bailout terms, they had their bank savings raided to pay down the national debt.
Anastasiades told them in a public address Monday:
"The public justifiably criticizes politicians that they aren’t honest with people and forget their promises as soon as they are elected. Today I want to contradict that rule."