Cyprus revokes “Golden Passports” from 26 wealthy foreign investors

The European Union says that many such passport schemes may mask fraud

The Cyprus government says it will revoke the “Golden Passports” that once were purchased by 26 wealthy foreign investors and family members from outside the EU.

The measures follow an outcry over media reports that Malaysian businessman Jho Low had been granted a Cypriot passport after buying a luxury villa in the resort of Ayia Napa.

He is accused of being the key player in a multi-billion-dollar theft from a Malaysian state investment fund.

Read more: greek reporter