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For a while now, we have been warning about the corruption risks of so-called ‘golden visa’ schemes that some European Union (EU) member states are running.
Many countries around the world offer residence or citizenship in exchange for investment. Some of them are especially attractive to individuals looking for a get-out-of-jail-free card and a safe haven for their illicit assets. More often than not, these schemes are shrouded in total secrecy.
So when the government of Cyprus this week admitted that their programme had been abused by corrupt individuals, we were hardly surprised. The country said it will revoke the passports of 26 people who received them at the time “when controls weren’t strict.”
Among these soon-to-be ex-Cypriots is fugitive financier Jho Low. Does the name ring a bell? Low is currently wanted as the alleged mastermind behind Malaysia’s billion-dollar 1MDB corruption scandal. Interesting detail: he reportedly got his EU passport after the embezzlement scheme had been exposed.
Low is not the only person to use suspect assets to acquire access to the EU. Family members and associates of Cambodia’s autocratic leader reportedly bought their ticket to a European luxury life via Cyprus’s scheme, too.
We’ll be keeping up the pressure.
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