EU raises security concerns as it reveals five Caribbean states have sold 88,000 ‘golden passports’
The European Union is proposing to overhaul regulations on “golden passports” that allow wealthy investors to buy citizenship in exchange for large investments. The EU is concerned that these passports could be enabling organized crime, money laundering, tax evasion, and corruption. The EU wants the power to suspend visa exemption for countries that sell citizenship to buyers who do not have a “genuine link” to the country. Dominica, an island with a population of just over 70,000, has issued 34,500 passports, and the EU is concerned about the thoroughness of the security screening. Visa-free travel to countries such as the EU and US is one of the key benefits advertised by Caribbean citizenship by investment schemes.
What are the concerns raised about the nationalities of golden passport holders?
The concerns raised about the nationalities of golden passport holders are that most applicants came from countries such as China, Russia, Syria, Iran, Iraq, Yemen, Nigeria, and Libya, which are all countries that have high levels of perceived corruption. The report published by the European Commission is concerned that the sale of “golden passports” could be enabling the infiltration of organized crime, money laundering, tax evasion, and corruption. The EU is proposing to revise rules on visa-free travel after the scale of trade in citizenship was exposed.
What is the proposal of the European Commission regarding golden passports?
The European Commission is proposing to overhaul regulations on golden passports, as it is concerned that they could be enabling the infiltration of organized crime, money laundering, tax evasion, and corruption. The commission wants the power to suspend visa exemption for countries that sell citizenship to buyers who do not have a “genuine link” to the country. The EU is also planning to tighten visa controls and revise rules on visa-free travel after the scale of trade in citizenship was exposed. The commission believes that visa-free access to the EU should not be used as a commercial commodity to be sold and bought.
How has visa-free travel benefited Europe?
Visa-free travel has benefited Europe by increasing tourism and business travel. It has made it easier for people from countries with visa-free access to visit and do business in Europe without the need for a visa. However, the European Commission is concerned that visa-free access to the EU is being misused as a commercial commodity to be sold and bought, and that the sale of “golden passports” could be enabling the infiltration of organized crime, money laundering, tax evasion, and corruption. As a result, the EU is proposing to revise rules on visa-free travel and tighten visa controls.
