European Parliament To Vote On Legislation To Scrap Golden Passports
MEPs are set to vote on legislation which will determine whether or not the so-called ‘golden passport’ scheme will be gradually scrapped by the year 2025. MEPs will vote later today with the results of the vote being announced tomorrow.
The passport scheme in Malta was introduced in 2014 to attract wealthy individuals and investors. The process to get a passport requires individuals to contribute:
- €650,000 to a national development fund
- €150,00 into Maltese shares or stocks
- Buy a property worth €350,000 or more or rent a property for at least €16,000 per year
The citizenship by investment scheme has faced a lot of backlash over the years for being objectionable ethically, legally and economically.
However, more recently it has come under fire following Putin’s invasion of Ukraine as it is believed to be a security risk, undermining the essence of EU citizenship and sanctions put in place against Putin’s regime.
‘It is high time that European countries closed this shameful chapter for good,’ Maltese MEP David Casa said in a plenary session in Strasbourg earlier this week.
Casa also described the sale of passports as hurtful to governmental interests ‘in the fight against money laundering and corruption’ and requested that all those who have already bought passports be investigated thoroughly.
This article is part of a content series called Ewropej. This is a multi-newsroom initiative part-funded by the European Parliament to bring the work of the EP closer to the citizens of Malta and keep them informed about matters that affect their daily lives. This article reflects only the author’s view. The European Parliament is not responsible for any use that may be made of the information it contains.
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