Top court pulls plug on Europe’s last ‘golden passport’

The so-called “Golden Passport” programs, which benefit the rich foreigners, are now prohibited from the European Union, the Supreme Court of Alliance made a decision on Tuesday. After that, the decision of the European Union of Justice (CJEU) comes A legal challenge for years A small island of the European Commission against Malta, which is located between Sicily and North Africa, offered the world’s most Popular “Golden Passport ProgramsA number of these citizenship-investment schemes, which are common among citizens rich in Russia and China, are proposing to the back of citizenship in the EU without the noise of standard immigration.

The ruling, CJEU found that Malta could not offer the “Golden Passport” program, as it “forms a member of the member state”, and it cannot be compatible with the nature of EU citizenship. When buyers have Maltese citizenship, they technically have EU citizenship and can work, travel and live freely among 27 member states.

Malta has launched a scheme as a way to attract capital from rich foreigners, for at least 600,000 euros, wealthy can buy an accelerated process to get a Maltese passport. In 2015, it has since its creation caused more than 1.4 billion euros In revenues for the country, it is said to his government. Other countries: They adopted citizenship and investment schemes around the world, although Malta is the end in Europe, which has offered it.

Bulgaria and Cyprus once offered their version of “gold passport programs”, but they walked back. Many other European countries offer Investment programs accruethat do not affect the determination of Tuesday.

As investment program citizenship increased in popularity, Reports were found They give bad actors easier to countries where they can be involved in illegal acts as Money launderingIn a few weeks, the Maltese program has drawn attention to Europe To allow sanctioned individuals to bypass the prohibition of travel.

“Member State cannot give its nationality and really European citizenship, predetermined payments or investment, as this provides money to provide an achievement
Nationality is a purely trading deal. “The court ruled.

Malta now needs to change its law and cancel the sale of citizenship, which says it campaigns at the anti-corruption organization in “Transparency International”, which does not support corruption schemes.

The Maltese government said it would meet the order and that those who previously received citizenship through the program will not affect.

“As always, the Maltese government respects the decisions of the courts,” the government said in a statement. Agreeable Maltese timesA number of “the legal consequences of this judgment are currently being studied in detail, so the scope of citizenship can be in line with the principles mentioned in the verdict.”

The news comes as President Donald Trump’s lawyers for the so-called gold card in the United States for $ 5 million.

“Golden Visa” programs are still allowed

Although citizenship is no longer for sale, ruling does not prohibit the “Golden Visa” programs or investment situation, says Rostomashvili. These programs, which have been adopted by many other countries than citizenship schemes, are still the EU, and are popular among all countries in the world, including the United States.

Most of the programs have been developed in the capital of the capital during the last debt crisis in Europe, and many have given foreigners the opportunity to buy a country for permanent residence. It made it easier to shift the entire alliance to buyers and travel more freely and longer. In The result of Covid-19 Epidemic, these programs have become especially known Among rich Americans aeration of RetireesA number

But the channel has begun to turn into these plans for this residence. Now, several countries includingIreland, Portugal and Spainhave startedReturning their gold visa plansOn their own concerns about sky missilesHousing prices which have led to an investor’s money flood.

This story was originally shown Fortune.com