This archive report was first published on 28 November 2019.
On November 28, 2019, Cyprus President Nicos Anastasiades pledged to revoke any passports found to have been 'mistakenly' granted to wealthy overseas investors under a cash-for-citizenship program.
The program, which allowed wealthy individuals to acquire 'golden passports' and become EU citizens, has been under scrutiny due to allegations of corruption and lax criteria.
Among those at risk of losing their citizenship are Kenyan billionaire Humphrey Kariuki and his wife Stella Nasike, who are accused of tax evasion related to their alcohol production and distribution business.
According to reports, the couple is among a group of 26 foreign investors and their family members from outside the European Union who risk having their Golden Visas stripped by the Cyprus government.
As part of the program, wealthy investors from other countries could acquire the golden passport, allowing them to become EU citizens and travel and work freely within the bloc.
In August 2019, Humphrey Kariuki was charged with nine counts relating to tax evasion amounting to Ksh17 billion.
