European citizenship and residence

2023-10-03T13:16:00.000ZUpdated

Description

MEPs call for a ban on ‘golden passports’ and EU rules for ‘golden visas’. The European Parliament's proposal sets out an array of measures to address problems linked to ‘citizenship and residence by investment schemes’.

Golden passports’ are objectionable ethically, legally and economically and pose several serious security risks.

‘Golden visas’ need to be regulated and should be levied at EU level. Third-countries with visa-free access to the EU should also end their ‘golden passports’ schemes.

At least 130,000 persons have taken advantage of CBI and RBI schemes in the EU between 2011 and 2019, which have generated over €21.8 billion in revenue for the countries concerned. Three member states have CBI schemes: Bulgaria (where the government has tabled a draft law to end the scheme), Cyprus (currently only processing applications submitted prior to November 2020) and Malta. Twelve member states have RBI schemes, all with diverging amounts and options of investment, as well as standards for checks and procedures.

 

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