Two businessmen who obtained Cypriot citizenship through the country’s now-defunct “golden passport” scheme during the administration of former President Nicos Anastasiades have been added to a U.S. sanctions list over alleged links to international criminal organizations.
According to local media, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) recently included the two individuals — originally from Cambodia and China — in its latest sanctions list.
Both men reportedly acquired Cypriot citizenship under the Cyprus Investment Program.
Despite the sanctions, the Cypriot Interior Ministry has not initiated procedures to revoke their passports.
The ministry stated that current legislation does not allow for such action unless the individuals are sanctioned by the European Union or the United Nations.
As a result, the two men will retain their Cypriot citizenship and passports. OFAC also confirmed that their assets in the United States have been frozen.
The first man, a Chinese-Cambodian businessman, received his Cypriot passport on Nov. 5, 2015. The second, a Chinese national, was granted citizenship on Jan. 31, 2018.
Cypriot law only permits passport revocation for individuals sanctioned by the EU or UN, and does not account for measures imposed by other countries.
Since the termination of the Cyprus Investment Program in 2021, authorities have moved to revoke citizenship from 360 individuals — including 101 investors and 259 of their family members.
Of those, 112 cases have been finalized, with passports and identity documents officially canceled.