Cyprus Officially Revokes Golden Passport of Malaysian Businessman Jho Low
Authorities in Cyprus have revoked the passport of Malaysian businessman Jho Low, wanted by Interpol for his involvement in several irregular affairs.The announcement comes after the cabinet upheld a decision to revoke the citizenship of Low, which was acquired through the Golden Passport Program of Cyprus amid ongoing investigations, Schengen. News reports.
In spite of the fact that the decision was taken last year, on May 15, 2023, the Malaysian businessman filed an appeal promoting an independent committee to re-examine the case.
However, the Committee decided to reject the appeal, thus leading the Interior Ministry to put the matter before Wednesday’s cabinet session.
Jho Low is accused of looting a total of $4.5 billion from Malaysia’s sovereign wealth fund. He acquired Cypriot citizenship back in 2015.
Back then, Low was under investigation, however, he was not officially a wanted person until October 2016, when he was subject to a red notice issued by Interpol.
According to local media reports, Low transferred nearly €6 million into an account in the Bank of Cyprus. He bought a mansion worth €5 million in Ayia Napa and got citizenship, in addition to donating €310,000 to the late ex-Archbishop Chrysostomos.
Jho Low’s Involvement in Irregular Affairs
Cyprus’ Golden Passport Program allowed internationals to acquire citizenship in this country, provided they invested a significant amount of money and met the needed conditions.
However, following a report from Al Jazeera called the Cyprus Papers, the scheme was terminated in 2020, after its involvement in irregular affairs such as money laundering, tax evasion and corruption.
In addition, the country’s authorities imposed stricter rules on Cyprus’ Golden Visa Program that permits internationals to acquire residency in exchange for financial investment and meeting the required criteria.
In May this year, authorities in Cyprus expressed their readiness to take action in order to file charges related to the Golden Passport scheme.
Besides, the police team is also scrutinizing 100 citizenship grants to foreign investors deemed problematic.
Residency and Citizenship by Investment programs contributed significantly to Cyprus’s economy.
Therefore, recently, the country announced the introduction of a new program called the Golden Knowledge Programme in order to attract tech talent.
However, Papadopoulos stressed that the program is not a golden passport program but a golden knowledge program.
Source: https://schengen.news/cyprus-officially-revokes-golden-passport-of-malaysian-businessman-jho-low/
Latest News
