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IPFS News Link • Citizenship

Citizenship for the rich: Demand rises for 'golden passports'

• by Joanna YORK

The European Commission on Thursday took Malta to the European Union's highest court over its "golden passport" scheme that allows wealthy investors to buy Maltese – and therefore EU – citizenship, without having to live in the country. 

Despite repeated calls to end the scheme, Malta has raised €1.1 billion since 2013 through offering passports in exchange for investments, with most investors coming from the Gulf, Asia and Russia

Under pressure from the EU, Cyprus and Bulgaria have recently stopped offering similar schemes. Yet the only concession Malta has made is to suspend the scheme for Russian and Belarusian citizens following the Russian invasion of Ukraine.