'Property Worth 24 Trillion' Asia's Richest Chinese Woman, Why Did She Change Her Nationality?

Forbes Announces World's 6th Richest Person
Over 500 Chinese Billionaires Changed Nationality to Cyprus from 2017 to 2019
Cyprus Investment Immigration Requires at Least 3 Billion Won

Mediterranean island nation Cyprus. Photo by Google Maps capture.

[Asia Economy Intern Reporter Kim Bong-ju] It has been revealed that a Chinese woman known as the richest person in Asia changed her nationality to Cyprus, a Mediterranean island country.

In addition, more than 500 wealthy Chinese also changed their nationality to Cyprus. There are suspicions that these wealthy individuals made this decision because they judged it difficult to maintain their assets in China.

Hong Kong's South China Morning Post (SCMP) reported on the 26th that Yang Huiyan (楊惠姸, 39), the major shareholder of the Chinese real estate company 'Country Garden,' obtained Cypriot citizenship in October 2018.

Yang Huiyan ranked 6th in Forbes' 2020 list of the world's richest people. Her fortune amounts to $20.3 billion (approximately 24.092 trillion KRW).

This fact was revealed to the public through an investigative report by the Arab broadcaster Al Jazeera. Al Jazeera stated that it obtained a list of 2,500 people who acquired Cypriot citizenship between 2017 and 2019, including more than 500 Chinese. According to this list, Chinese were the second largest group after Russians (1,000 people).

Cyprus issues citizenship through investment immigration, requiring a minimum investment of 2.15 million euros (approximately 302.137 million KRW).