Two Cypriot “Golden Passport” Holders Added to US Sanctions List

The United States Treasury Department’s Office of Foreign Assets Control (OFAC) announced on Tuesday, October 14, 2025, that two individuals who obtained citizenship through Cyprus’s former Investment Program have been added to the US sanctions list. Chen Zhi and Yang Jian were included in the Specially Designated Nationals (SDN) List under Executive Order 13581, meaning that any assets they hold under US jurisdiction are blocked and US persons or entities are prohibited from engaging in transactions with them.

Chen Zhi, a Chinese-Cambodian tycoon, serves as the chairman of Prince Group, a conglomerate involved in sectors including real estate development and the luxury goods market in Cambodia. He acquired Cypriot citizenship in 2018 through the country’s now-defunct “golden passport” program, a naturalization-by-investment scheme exposed by Al Jazeera. According to OFAC, Chen Zhi has been added to the sanctions list due to his links to international criminal organizations and human rights abuses in Cambodia, which are connected to the activities of both Prince Group and Jin Bei Group.

Yang Jian, also a Chinese businessman, engages in real estate and investment ventures in China and similarly obtained Cypriot citizenship through the naturalization-by-investment program. OFAC stated that he is included in the sanctions list due to his connections with an international criminal organization.

The sanctions against Chen Zhi and Yang Jian highlight continued US scrutiny of individuals who exploited the Cypriot “golden passport” program, which allowed foreign nationals to obtain European Union citizenship in exchange for substantial investments. Their addition to the SDN List ensures that all US-based assets are frozen and bars American persons and companies from conducting business with them.

By fLEXI tEAM