News Local UPDATED-Cyprus plans to strip 26 citizenships after passports uproar

UPDATED-Cyprus plans to strip 26 citizenships after passports uproar

Cyprus on Wednesday said it had started a process to strip 26 individuals of citizenship they received under a secretive passports-for-investment scheme, admitting it had flaws.

The Mediterranean island has been rattled by disclosures of its investments scheme since Reuters exclusively reported last month a list of Cambodian beneficiaries, including its police chief and finance minister.

Rescinding citizenship is highly unusual, and the move came after authorities launched a probe in the wake of the report.

“The Council of Ministers today affirmed the will of the government for strict adherence to the terms and conditions of the Cyprus investment programme,” Interior Minister Constantinos Petrides told journalists after a four-hour cabinet meeting.

Petrides did not disclose nationalities or identities of those affected. However, Cypriot sources said the group included nine Russians, eight Cambodians, five Chinese nationals, two Kenyans, one Malaysian and one Iranian.

They involved nine investment projects, whereby groups of foreign investors in partnership can benefit from the scheme.

Cyprus has had a citizenship for investment plan in place since 2013, under which a minimum 2 million euro ($2.2 million) investment can buy a passport and visa-free travel throughout the European Union.

Advertising the scheme is now banned, but at least one law office used to distribute pamphlets resembling passports to visitors at the island’s main airport.

Authorities say the programme has gone through several transformations, and was overhauled in February 2019 with five different due diligence layers, compared to one in 2013.

In five years between the inception of the citizenship scheme and 2018, the Cypriot government approved 1,864 citizenship applications. Including family members, the number was more than 3,200, and is close to 4,000 today.

“If there were nine investment cases, concerning 26 people among 4,000 applications, it is logical that some would be problematic when controls weren’t strict,” Petrides said.

“There were mistakes, it was a mistake not to have criteria, for instance, for high-risk persons.”

The Reuters investigation showed that influential police, business and political associates of Cambodia’s long-time ruler had overseas assets worth tens of millions of dollars.

Recently, Cypriot newspaper Politis reported Malaysian fugitive financier Low Taek Jho, accused of a multi billion dollar theft at state fund 1Malaysia Development Berhad (1MDB), was another beneficiary of a passport.

Hun Sen has previously denied opposition allegations that members of his inner circle had other passports and lived the high life overseas. Some 70 percent of Cambodians live on $3 a day, according to the Asian Development Bank.

Petrides, whose ministry signs off on passport applications, said the individuals concerned had the right to appeal. (Reuters)

 

 

Top Stories

EU to launch infringement procedures against Cyprus, Malta over “golden passports”

The European Commission on Tuesday will finalize and launch infringement procedures against Cyprus and Malta in relation to their controversial  “golden passport” schemes. The schemes...

US Under Secretary for Economic Growth in Cyprus to discuss “clean” 5G networks

US Under Secretary of State for Economic Growth, Energy and the Environment, Keith Krach, is paying a working visit to Cyprus and scheduled to...

Partly cloudy on Tuesday, possible afternoon showers

Partly cloudy on Tuesday with isolated showers and possible thunderstorms in the afternoon. Winds will be light to moderate in the morning, force 3 to...

43 new cases of COVID-19 on Monday

The Health Ministry announced 43 new COVID-19 cases on 19 October, out of 2,558 laboratory tests, taking confirmed infections to 2, 687. The break-down of...

1420 only for emergencies regarding COVID-19

Due to the increased number of telephone calls to the telephone center 1420 of the Ambulance Service, it is pointed out that the center...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...