On Sep 12th, a Cypriot court ruled a former senior state official, and three others would stand trial in October for suspected sales of passports to investors from Communist China.
It is reported that Cyprus introduced the citizenship for investment scheme in 2013. By investing at least 2.5 million euros in real estate and other means, wealthy investors can obtain the so-called “golden passport.”
As an EU member, Cypriot passport holders can travel to 176 countries and regions without visa requirement. Once launched, the program was very popular among global investors, especially the ones from Communist China and Russia.
In August 2020, an investigation report revealed about 500 officials and business tycoons have obtained Cypriot passports through this program, including Yang Huiyan, former wealthiest woman in Asia and several representatives of the National People’s Congress of communist China, members of Chinese People’s Political Consultative Conference and cadre in state-owned enterprises. The report said according to the laws in Communist China, these CCP officials should all be expelled from the CCP and their political positions.
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