Asia's richest woman Yang Huiyan bought 'golden passport' of Cyprus: Report

Asia's richest woman, Yang Huiyan, is among 500 wealthy Chinese individuals who reportedly obtained the European Union (EU) citizenship through the “golden passport” plan of Cyprus. The Mediterranean island had introduced the controversial “golden passport” investment program following the 2013 financial crisis, under which Cyprus offered citizenship to foreigners in exchange for millions in investments.

Yang’s net worth is estimated at $28 billion, largely made through her real estate developer Country Garden Holdings in which she owns a 57% stake. She is among those high-net-worth Chinese individuals who obtained the passport of Cyprus by investing at least 2 million euros (US$2.3 million). An Al Jazeera report based on Cyprus Papers, a Cypriot passport application data leak, revealed that hundreds of Chinese and Arabs acquired the passport.

The report named 12 individuals who were able to secure Cypriot passports despite being accused of financial crimes back at home. It claimed that four Russians, two individuals each from Ukraine, China, and Iran, and one each from Venezuela and Vietnam were under investigation on charges of corruption and fraud when they received their passports under the controversial program.

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Visa-free travel in EU

The popularity of the program among corrupt businessmen and frauds is not surprising since the passport automatically grants citizenship to the entire 27-member European Union. It provides visa-free travel as well as work and banking options throughout the European Union, which is considered as a small cost as compared to the freedom one gets to move money around with ease.

However, the interior ministry of Cyprus has denied the allegations of granting passports to individuals accused of a crime and insisted that they met the required criteria at the time of approval. Last month, the Cypriot parliament amended the rules under the “golden passport” investment program with new anti-money laundering rules to beef up the eligibility criteria.

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