Two Kenyan Tycoons to be Stripped of Cyprus Citizenship

Two Kenyan tycoons are set to lose their Cyprus citizenship issued under the secretive passports-for-investment scheme, Business Daily reports.

The two are among 26 foreign investors to be stripped of passports issued under the program, which several billionaires took advantage of.

Under the program, wealthy foreigners were required to invest a minimum of Sh220 million in exchange for a Cyprus passport that guarantees visa-free travel across Europe.

Cyprus came under heavy criticism after a report revealed that some individuals used the program to buy passports and hide proceeds of crime on the island.

Between 2013 and 2018, the Cyprus Government approved 1,864 citizenship applications under the program.

The decision to rescind the citizenship came after authorities launched investigations following the report.

“The Council of Ministers affirmed [on Thursday] the will of the government for strict adherence to the terms and conditions of the Cyprus investment program,” Interior Minister Constantinos Petrides said after a four-hour cabinet meeting.

Petrides did not disclose the nationalities or identities of those affected, but sources told Reuters that the group included nine Russians, eight Cambodians, five Chinese, two Kenyans, a Malaysian and an Iranian.