Countries urged to revoke golden passports

Serious concerns about citizenship for investors

Golden passport

Press agency Lusa reports that faced with “increased risks” due to the Ukraine war, Brussels has asked EU countries to revoke golden passports, control golden visas, and report on their implementation by May.

The European Commission has asked European Member States to “immediately revoke” the citizenship-by-investment regimes, golden passports, and control the residency regimes, golden visas, programs due to the “increased risks” due to the Ukraine war.

At issue is a recommendation in which “the Commission urges Member States to immediately revoke any existing investor citizenship schemes and to ensure that strong checks are in place to address the risks posed by investor residency schemes”, according to information sent to the press.

At a time of intense armed confrontation in Ukraine caused by the Russian invasion, and in a context in which many Russian oligarchs linked to President Vladimir Putin are beneficiaries of these schemes in the community space, Brussels points out that “it has frequently and consistently raised its serious concerns about citizenship for investors and residency schemes, and the inherent risks they pose”.

“The current context of Russian aggression against Ukraine is, once again, highlighting these risks”, stresses the community executive.

Recalling that “some Russian or Belarusian citizens who are subject to sanctions or who significantly support the war in Ukraine may have acquired European citizenship or privileged access to the EU” under these regimes, the European Commission calls on European countries to face “the immediate risks” withdrawing any concessions to these oligarchs.

The institution also asks interested Member States to submit, by the end of May, a report on the implementation of this recommendation and to keep the Commission informed.

Cyprus and Malta targetted for Golden Passports

schengenvisainfo reports that he European Union’s Commission has issued a recommendation to the Member States, urging the ones still operating Citizenship-by-Investment schemes, also known as Golden Passport programs, to terminate them as soon as possible.- Advertisement –

The recommendation has been issued on Monday, March 28, and it targets Cyprus and Malta, as the two last EU countries still operating such programs.

Thanks again to PeterA for the link.

COVID-19 in Madeira: daily updates can be found in an earlier post

13 thoughts on “Countries urged to revoke golden passports”

  1. That is the result of far too much sovereinty for EU memberstates.
    Labour laws, tax laws, trade in visas and passports, courts, immigration,….. you name it.

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    • On a slightly different matter
      Perhaps someone in here may be able to help?
      We have been looking to move to Madeira from the UK, we have been searching for a property for a tourist rental business like a bnb or Airbnb?
      We got one quote from an accountant so far and to be honest he must had made a mistake and added one too many zeros to his quote 😂
      Would anyone here be able to recommend a good accountant (and possibly a lawyer)to help us with our proposed purchase?
      It’s all a bit daunting making such a big move but every time we’ve been to madeira it just feel right to move here
      The estate agents offered but to be honest I’d prefer some local knowledge
      Very best
      John

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      • Hi John, I’m also interested to move from Wales to warmer Madeira and am glad you raised the question. I look forward to reading any replies you get. Ideally I dream of buying a plot of land and building from scratch…in Santa Cruze where I can look out over the Atlantic and watch ships and planes coming and leaving Madeira

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    • F Ex selling EU passports.

      Reread my answer: applying different tax laws, different social legislation, different environmental legislation, ignoring the European courts, etc etc.
      Surely you could do better then this Monty Pythonesk “No, it isn’t – yes it is” argument.

      Reply
    • The Guardian, 6 april:

      Hungary’s prime minister Viktor Orbán has said his country would have “no difficulty” in paying for Russian gas in rubles and will do so if Moscow asks.

      Reply

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