Asia's Richest Woman Yang Huiyan Renounces Chinese Citizenship

Ranked 6th Richest in the World by Forbes in 2020 with Wealth of 24 Trillion KRW
Over 2,500 Chinese Billionaires Secretly Acquired Citizenship from 2017 to 2019

[Asia Economy Beijing=Special Correspondent Jo Young-shin] Yang Huiyan (楊惠姸, 39), Asia's richest woman, has reportedly renounced her Chinese nationality and acquired citizenship of Cyprus in the Mediterranean.

It was also revealed that more than 500 Chinese nationals obtained European Union citizenship between 2017 and 2019. China does not allow dual citizenship.

On the 26th, Hong Kong's South China Morning Post (SCMP) reported that Yang Huiyan, the major shareholder of the Chinese real estate company 'Country Garden,' obtained Cypriot citizenship in October 2018.

She is Asia's wealthiest woman, ranking 6th in Forbes' 2020 list of the world's richest people. Her fortune amounts to $20.3 billion (approximately 24 trillion KRW).

This information was revealed through an investigative report by the Arab broadcaster Al Jazeera. Al Jazeera reported that it obtained a list of 2,500 people who acquired Cypriot citizenship from 2017 to 2019, including over 500 Chinese nationals. According to the list, Chinese nationals were the second largest group after Russians (1,000 people).

Cyprus grants citizenship through investment immigration. A minimum investment of 2.15 million euros (approximately 3.02 billion KRW) is required.

According to SCMP, obtaining Cypriot citizenship allows free movement across the 27 European Union (EU) countries, and there is the 'advantage' that one does not actually need to reside in Cyprus, which attracts wealthy Chinese individuals.

Al Jazeera disclosed the names of eight Chinese nationals among the 500 who obtained Cypriot citizenship, and SCMP confirmed the identities of five of them, including Yang Huiyan. All five are known in China for their political or economic activities.

Al Jazeera also revealed that 11 other Chinese nationals holding positions such as 'chairman of an electric vehicle manufacturer' have also immigrated to Cyprus through investment, though their names were not disclosed.

SCMP pointed out that "having a foreign passport means being able to transfer money overseas and potentially escape abroad in emergencies," but noted that in China, holding a foreign passport does not always guarantee protection.

In fact, Xiao Jianhua (肖建華), chairman of China's Mingtian Group, holds Canadian citizenship and Hong Kong permanent residency but has been missing since 2017 after disappearing in Hong Kong. His assets have been sold or seized.

This content was produced with the assistance of AI translation services.