Latest / IMI Podcasts / Cyprus Revokes Jho Low's Citizenship

Transcript

Cyprus Revokes Jho Low's Citizenship · IMI Podcasts

• 0:00
  SPEAKER_00: The Republic of Cyprus has officially revoked the citizenship of Joe Low, a Malaysian national wanted in connection with the IMDB scandal, following a comprehensive retroactive due diligence process on the country's citizenship by investment program.
• 0:14
  SPEAKER_00: The revocation is part of a wider effort by Cypriot authorities to address shortcomings in the CIP's vetting procedures before reforms were introduced in 2018.
• 0:24
  SPEAKER_00: The Council of Ministers formally approved the Interior Minister's proposal to issue a decree finalizing the citizenship revocation before Lowe filed an appeal, which an independent commission rejected on May 17th.
• 0:38
  SPEAKER_00: On June 5th, the Cypriot Cabinet upheld the decision to strip Malaysian businessman Joe Lowe of his Cypriot citizenship.
• 0:46
  SPEAKER_00: Cypriot law allows for the revocation of citizenship within 10 years of naturalization for individuals internationally wanted for serious crimes.
• 0:55
  SPEAKER_00: Lowe obtained his Cypriot citizenship in September 2015 through the country's CIP.
• 1:02
  SPEAKER_00: This wasn't always the case, of course, as citizenship deprivation provisions did not cover the specific article of the Cypriot citizenship law that covered CIP naturalizations.
• 1:13
  SPEAKER_00: This technicality temporarily halted the government's efforts to strip citizenship from those it deemed to have acquired it inappropriately or broken its regulations post-naturalization.
• 1:24
  SPEAKER_00: Lowe is accused of embezzling billions from Malaysia's IMDB investment fund and transferring them to his personal accounts.
• 1:32
  SPEAKER_00: Lowe reportedly secured his Cypriot citizenship by purchasing a 5 million euro villa in Aya Napa.
• 1:39
  SPEAKER_00: Upon discovering his criminal history, Cypriot authorities seized the villa and may confiscate it if they determine that Lowe obtained his citizenship through deception.
• 1:49
  SPEAKER_00: The investigation also examined the involvement of the late Archbishop Chrysostomos, who received a 300,000 euro check from Lowe's CIP application.
• 1:59
  SPEAKER_00: When the scandal came to light, the Archbishop returned the check, which he claimed to be a donation, and a police investigation found no evidence of corruption.
• 2:09
  SPEAKER_00: This isn't the first time Lowe, who Interpol wants for serious financial crimes, has lost citizenship status.
• 2:16
  SPEAKER_00: Lowe had also naturalized under St.
• 2:18
  SPEAKER_00: Kitts and Nevis's CIP before he was charged with any criminal activity.
• 2:23
  SPEAKER_00: The St.
• 2:24
  SPEAKER_00: Kittian government eventually revoked his citizenship.
• 2:28
  SPEAKER_00: In the spring of 2015, Joe Lowe applies for Cypriot citizenship through the country's citizenship by investment program.
• 2:36
  SPEAKER_00: At the time, he was not a fugitive and no international arrest warrants were issued against him.
• 2:42
  SPEAKER_00: On August 1st of the same year, the Archbishop of Cyprus sends a letter to the Interior Minister requesting speedy naturalization for Lowe.
• 2:50
  SPEAKER_00: A follow-up letter is sent on August 10th.
• 2:54
  SPEAKER_00: On September 23rd, Joe Lowe's real estate purchase in Cyprus sets off KYC AML alarms at the Bank of Cyprus, which submitted a report on Lowe to Cyprus's anti-money laundering unit M OKIS the following month.
• 3:09
  SPEAKER_00: Nonetheless, the cabinet approved Joe Lowe's Cypriot citizenship application on September 19, and he received his passport the same day.
• 3:18
  SPEAKER_00: On that day, the Archdiocese also received a€300,000 check from Lowe, which the Archbishop later said was a donation.
• 3:26
  SPEAKER_00: In October 2019, Cypriot media published leaked documents showing Joe Lowe obtained a Cypriot passport in 2015 despite red flags.
• 3:36
  SPEAKER_00: This leads to public outrage.
• 3:38
  SPEAKER_00: In November, following a four-hour cabinet meeting, the Cypriot government announced it would revoke the citizenships of 26 foreign investors, including Joe Lowe, granted before 2018, when vetting procedures were less strict.
• 3:52
  SPEAKER_00: The individuals are given a chance to appeal.
• 3:57
  SPEAKER_00: In January 2020, it emerged that a legal technicality in Cyprus's citizenship law, which does not allow revocation for CIP cases like Joe Lowe's, is preventing the government from actually implementing the revocations announced in 2019.
• 4:12
  SPEAKER_00: Ministers' vow to amend the law.
• 4:15
  SPEAKER_00: In August 2020, Al Jazeera released the Cyprus Papers, a leak of 1,400 documents related to Cyprus's CIP from 2017 to 2019.
• 4:26
  SPEAKER_00: The report was the main catalyst for the closure of the Cypriot CIP, and the spat between Cyprus and Al Jazeera took on geopolitical overtones.
• 4:34
  SPEAKER_00: Under pressure from the EU, Cyprus abolished its CIP in November 2012.
• 4:39
  SPEAKER_00: In July 2021, Cypriot authorities announced the completion of the revocation process for 45 foreign investors and their family members who had obtained citizenship through the CIP.
• 4:51
  SPEAKER_00: Many assumed Lowe was among the 45 investors, but the government did not confirm nor deny it at the time.
• 4:58
  SPEAKER_00: In May 2024, the Cypriot Council of Ministers officially revokes Lowe's citizenship.
• 5:05
  SPEAKER_00: Lowe filed an appeal, which an independent commission rejected on May 17th.
• 5:10
  SPEAKER_00: And the Cypriot Cabinet officially strips Lowe of his citizenship on June 5, 2024.
• 5:18
  SPEAKER_00: This episode first appeared as an article by Ahmad Abbas on IMIDaily.com.
• 5:23
  SPEAKER_00: Subscribe for free to the IMI newsletter for breaking news and updates from the investment migration industry.
• 5:30
  SPEAKER_00: And consider upgrading your membership to IMI Pro to get insider access to networking opportunities, industry events, data, and members only content.