Super-rich passport schemes open door to criminals, activists say

Free stock photo of sea, water, ocean, boatsEuropean governments have been accused of opening the door to criminals through lax sales of passports and visas to the super-rich.

The European Union had gained nearly 100,000 new residents and 6,000 new citizens in the last decade through poorly managed residency and passport sale schemes that were “shrouded in secrecy”, a report by Transparency International and Global Witness says.

The campaign groups studied four EU member states that sell passports and 12 that offer residency rights to foreign investors. Spain, Hungary, Latvia, Portugal and the UK have granted the most “golden visas” to investors and their families. But some of the EU’s smallest countries, Cyprus and Malta, earned the biggest sums relative to the size of their economies.

Most countries reveal limited details about the schemes, but a series of leaks have thrown light on the buyers, from the Brazilian business executive caught in a corruption scandal who obtained a Portuguese “golden visa”, to the Russian oligarchs who acquired Cypriot passports.

After the Salisbury poisonings, allegedly by Russian spies, the UK is considering restrictions on its “tier one investor visa” in an effort to curtail the influence of the Kremlin. Applications have already fallen since 2015, when candidates were asked to provide more information about their wealth.

Source: The Guardian

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