After the uproar, the first part closed. The Council of Ministers decided to deprive 26 nationalities.
As it was already written from the first day, they are five Chinese, one Iranian, one Malaysian (Joe Low), two Kenyans, nine Russians and eight Cambodians. The system of naturalizations, as it operated until today in Cyprus, was primarily aimed at attracting investment.
SigmaLive contacted the President of the Association of Large Developments, Andrea Dimitriadis, to whom he asked the question about what will be born with the properties, which were bought by these people. That is, if they are affected by the deprivation of citizenship.
Mr. Dimitriadis clarified that legally the real estate is not affected since there is no decision for confiscation of property. In particular, in the case of Low, who owns a property in the Ayia Napa area, which he bought for 5 million, it remains his property. Things change, however, in the event that the Malaysian authorities decide to seize the property.
The execution of the confiscation order is applied in countries where there are bilateral agreements, Mr. Dimitriadis noted. In the event that Cyprus does not conclude bilateral agreements with Malaysia, then the Malaysian Authorities should come to Cyprus and, through the Cypriot Justice, request the seizure.
Pictured is Low's paternal home in Malaysia.
Source: sigmalive