EU insisted suppression on ‘golden passports’ for big investors

The EU Commission had insisted EU states for tight checking on non-EU nationals with ‘golden passports’ through investments. The commission says that the granting of ‘golden visas’ might be leading to tax evasion, money-laundering and other forms of corruption. So, a thorough checking is being planned for the schemes regarding ‘golden visa’ granting residence in exchange for big investments.

According to reports, wealthy candidates for residency or citizenship do not face sufficient security and background checks to prevent them from posing a security risk or laundering money. Some of the non-government organisations have already marked countries such as Malta, Cyprus and Bulgaria for offering wealthy foreigners citizenship that allows them to move freely in most of the 28-nation bloc. Many other countries grant residence permits to foreign investors. Hence the EU commission had presented this stunning report regarding the risks of the ‘golden visa business’

Sunaya Paison
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