|Author (Person)||in 't Veld, Sophie|
|Author (Corporate)||European Parliament: Committee on Civil Liberties Justice and Home Affairs|
|Series Title||Legislative Initative Procedure (INL)|
|Content Type||Policy-making, Report|
Report published by the European Parliament's Committee on Civil Liberties, Justice and Home Affairs, comprising a number of proposals on the citizenship and residence by investment schemes.
Several Member States operate citizenship by investment (CBI) and residence by investment (RBI) schemes that confer citizenship or resident status on third-country nationals in exchange for primarily financial considerations in the form of ‘passive’ capital investments. Such CBI/RBI schemes are characterised by having minimal to no physical presence requirements and offering a ‘fast track’ to residency or citizenship status in a Member State compared to conventional channels.
The set of measures put forward within the report leads to the phasing out of golden passports, and it regulates RBI schemes, also known as golden visas, to that they will lose their attractiveness to crooks. The measures address different aspects of the matter: screening of the applicants, residency requirements, the type of investment, risks of money laundering and tax evasion. It also foresees for the proceeds of the sale of citizenship and residency rights to benefit the EU budget, given that they are based exclusively on the benefits of EU membership. The report states that schemes granting nationality on the basis of a financial investment (CBI schemes), also known as golden passports, are objectionable from an ethical, legal and economic point of view and pose several serious security risks for EU citizens.
The report was adopted by the plenary of the European Parliament on 9 March 2022.
|Subject Categories||Justice and Home Affairs|
|Subject Tags||Corruption | Fraud | Mismanagement|
|International Organisations||European Union [EU]|