This archive report was first published on 29 November 2019.
Published on November 29, 2019, reports emerged that Kenyan business tycoon Humphrey Kariuki and his wife Stella Nasike are among 26 foreign investors set to lose their Cyprus passports.
The move comes after the Cyprus government introduced stricter citizenship rules, following criticism over the passports-for-investment program. The program, which was introduced in 2013, allowed foreigners to invest a minimum of Sh220 million in exchange for a Cyprus passport, granting visa-free travel across Europe.
Between 2013 and 2018, the Cyprus government approved 1,864 citizenship applications under the program. However, the program has been marred by controversy, with some individuals using it to buy passports and hide proceeds of crime.
Kariuki, a multi-billionaire, acquired his Cyprus citizenship in 2016. He is also facing charges in a Nairobi court over claims of evading taxes amounting to Sh41 billion through his companies, Wow Beverages, and Africa Spirits Limited.
According to the Cyprus Mail, Kariuki was involved in a financial scam, and his Janus Continental Group (JCG) has business interests in several countries, including energy, real estate, and hospitality.
Interior Minister Constantinos Petrides was quoted by the Cyprus Mail as saying, “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.”
