Deutsche Welle on 10th October reported that over a dozen EU member countries have government schemes in place that allow wealthy foreigners to obtain residency permits in return for large investments.  Rights groups say the programmes pose risks of money laundering.  A joint report by Global Witness and Transparency International notes schemes to trade citizenship for large investments currently exist in 13 EU states: Austria, Cyprus, Luxembourg, Malta, Greece, Latvia, Portugal, Spain, Ireland, Britain, Bulgaria, the Netherlands and France – but Hungary has terminated its programme.  The report called for tighter rules and for the extension of AML rules to “all those involved in the visa-for-sale industry”.  Campaigners said acquiring passports under such schemes cost an average of €900,000, with Cyprus’ passport costing up to €2 million.  The report stated that EU nations generated around €25 billion in foreign direct investment in a decade from selling at least 6,000 passports and nearly 100,000 residency permits.

The report is available at –

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: