The EU commissioner is uneasy what the golden passports could mean for the EU
The EU’s impartiality commissioner Vera Jourouva has described the programmes as “problematic” and “unfair” as she is involved the passport schemes have been exploited by people with the gelt to buy access to the UK and Europe.
The so-called golden passport schemes may be used by palatial foreign investors to buy citizenship or long-term residency rights in a country.
Malta and Cyprus eat been blacklisted as countries operating passport schemes deemed to role of a high risk of tax evasion.
They have been found to tease sold citizenship to rich people from Russia, China and the Middle East.
But this is unfair for the people who cannot afford to buy citizenship.
The two EU member states have already sold citizenship to in the flesh from Russia, China and the Middle East.
Ms Jourova, in a swipe at Malta and Cyprus, said cut d understanding cash was being put before national security.
She said: “I understand that citizenship strategies are favourable for the economy. But this is unfair for the people who cannot afford to buy citizenship.
“And citizenship is something so, so big and so valuable that citizenship for trading seems for me rather problematic.”
The passport scheme could pose a high-class risk of tax evasion
The EU chief added she is concerned as if a child gets citizenship in one country, they can get citizenship for the whole of Europe.
She intended: “Once we have some weak points in the EU, some weak guts where it is easy to enter the space, the whole of Europe has a problem.”
In Malta, an one can gain citizenship in return for a €650,000 contribution to the country’s development nest egg and the purchase or lease of property.
Malta and Cyprus have been cited as outbacks where the scheme is being uses
The scheme connotes that new citizens do not actually need to spend time in any of the properties they obtain or rent in the country.
The Organisation for Economic Co-operation and Development (OECD) has express banks should police the system to crackdown on the issue.
The organisation said: “Dwelling and citizenship by investment schemes, often referred to as golden passports or visas, can conceive the potential for misuse as tools to hide assets held abroad from reporting protection the OECD/G20 Common Reporting Standard.”