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HomeNewsInternational NewsEU Takes Legal Action Against 'Golden Passport' Schemes In Cyprus, Malta

EU Takes Legal Action Against ‘Golden Passport’ Schemes In Cyprus, Malta

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BRUSSELS (Reuters) – The European Union’s executive said on Tuesday it was launching legal action against Cyprus and Malta over their investor citizenship programmes, also known as “golden passport” schemes.

The schemes allow wealthy foreigners to buy citizenship in exchange for an investment of around 1 million euros ($1.2 million) in Malta and 2 million euros in Cyprus.

The European Commission said the decision was taken because the two member states granted nationality – and thereby EU citizenship – without requiring “a genuine link with the country”, as passport holders were not obliged to reside there.

The Commission also sent a letter to Bulgaria raising concerns about its passport-for-sale scheme, it said in a statement.

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