Cyprus Revokes Citizenship Amidst $3 Billion Money Laundering Scandal
In a significant development reported in August 2025, Cyprus has revoked the citizenship of Su Haijin and Wang Dehai, two Chinese nationals involved in a massive $3 billion money laundering case in Singapore. This action is part of Cyprus' broader effort to address the misuse of its now-defunct citizenship-by-investment program, commonly known as "
golden visas."
Background of the Case
Su Haijin and Wang Dehai were among ten foreigners arrested in Singapore in August 2023 during an extensive anti-money laundering operation. The operation, involving approximately 400 officers, aimed to dismantle a complex network engaged in laundering substantial financial sums. The Cypriot "golden passports" held by these individuals were subsequently revoked by Cyprus’ Council of Ministers as a response to their criminal proceedings.
Cyprus' Citizenship-by-Investment Program Under Scrutiny
The citizenship-by-investment scheme in Cyprus was officially terminated in late 2020 following revelations of its misuse. Investigations had uncovered that numerous individuals granted citizenship under the program were facing criminal charges, had prior convictions, or were under international sanctions. Since the program's cancellation, Cyprus has revoked the citizenship of over 300 individuals, emphasizing its commitment to rectify past oversights.
International Pressure and Economic Impact
Cyprus is not alone in facing scrutiny over its citizenship-by-investment programs. Other countries, such as Saint Kitts and Nevis, are also under international pressure to tighten regulations to prevent abuse. Despite the controversies, these programs remain economically significant for the nations that offer them, providing crucial financial inflows.
Conclusion
The revocation of citizenship for Su Haijin and Wang Dehai serves as a stark reminder of the vulnerabilities within citizenship-by-investment schemes. As Cyprus continues to address the fallout from its canceled program, the global landscape for such investment opportunities remains complex and dynamic, highlighting the need for ongoing vigilance and reform.
For more details on international migration and investment programs, visit
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