MEPs adopted by a large majority the fourth legislative initiative report on a ban on "golden passports" and specific rules on "golden visas", calling on the European Commission to submit a proposal by the end of its mandate.
The final text, discussed on Monday in plenary in Strasbourg, was adopted by 595 votes in favour, 12 against and 74 abstentions.
According to a press release from the European Parliament (EP), MEPs stress that Citizenship by Investment (CBI) schemes, under which third-country nationals can acquire citizenship rights in return for a cash payment, undermine the very essence of EU citizenship. They describe these schemes as "opportunistic behaviour", as the member states in question are selling something that was never intended to be a commodity.
The text states that applications have been accepted even when the conditions were not met, with MEPs calling for these schemes to be phased out because of the risks they pose.
The EP, noting that Residence by Investment RBI schemes pose less serious risks, calls for rules to be established at EU level, including requiring applicants to undergo rigorous background checks, obliging each Member State to notify any applications it processes, and establishing requirements regarding the minimum duration of actual residence in the country, and active participation, quality, added value and contribution to the economy (for their investments).
The Commission should now table a legislative proposal or justify its decision not to do so.
Parliament welcomes the intention of the Member States concerned to stop the sale of EU citizenship to Russian citizens with links to the Russian government, calling for the immediate exclusion of Russian applicants from both types of programmes.
MEPs urge EU governments to review all applications approved in recent years and ensure that "no Russian individual with economic, business or other ties to the Putin regime" can use an EU passport or visa.
It is reported that at least 130.It is reported that more than 130,000 people benefited from "citizenship/residency by investment" programmes in the EU from 2011 to 2019, generating revenues of more than €21.8 billion for the member states that implemented them.
It is also reported that "citizenship by investment" schemes exist in Malta, Bulgaria (where the government has submitted a bill to end the scheme) and Cyprus (where, on the one hand, the country is only processing applications submitted before November 2020, and the government has stated that it has completed the processing of the relevant applications).
Twelve Member States have "residence by investment" schemes.
Source: CNA
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