The Citizenship by Investment Unit of Dominica has updated the list of countries applying for its CBI program. For applications for citizenship, you must be at least 18 years of age, of good character, without a criminal record, and able and willing to make the required contribution and pass the background checks. With immediate effect (May 2022), all nationals from…
The Sri Lankan Cabinet under the current government has approved proposals for a new “golden paradise” visa program to attract more foreign investments from international investors. This comes at a crucial time Sri Lanka is facing its worst economic crisis in 70 years, weakened by pandemic. The ongoing economic crisis has resulted in the collapse of currency, rising inflation, and…
Rules apply for withdrawal of EU nationality which has been granted under citizenship by investment schemes (CBI) According to the case law of the Court of Justice of the European Union, when a Member State withdraws its nationality from a person, and as a result EU citizenship, it must make an individual assessment as to the consequences of this loss…
Indian nationals who have acquired foreign nationality/passport are required to follow proper procedure of canceling indian passport. They must apply for renunciation Certificate within 3 years of acquisition of foreign citizenship. Similarly a grace period of 3 months given to travel on indian passport after becoming a foreign national. Indian Citizenship Act does not provide for dual citizenship. As per…
North Macedonia has officially opened a very interesting and special citizenship by investment (CBI) program attractive for international investors. The Citizenship by Investment program of Republic of North Macedonia by which FITD (Fund for Innovation and Technology Development) determines the economic interest for citizenship, was officially launched by the Government of North Macedonia on the 13th December 2019. CIP –…
The Cabinet of the Government of St. Kitts and Nevis voted to replicate and implement in full the sanctions imposed by the European Union, United States and United Kingdom against hundreds of named Russian and Belarussian individuals and entities. In solidarity with US and European efforts to isolate the Russian government for its military invasion, the CBI has implemented a pause on citizenship…
The Dominica Citizenship by Investment (CBI) Programme mandates strict due diligence processes and robust vetting of potential investors. Reputable international due diligence agencies are engaged by Governments to ensure that only reputable individuals can successfully receive the economic citizenship of Dominica. The correct functioning of Dominica’s CBI Programme depends on the proper performance of thorough due diligence, as it serves to protect the population of Dominica and its international partners from illicit actors. Dominica is world-renowned for being…
The Government of Turkey has made a decision to increase the minimum real estate investment to qualify for citizenship to USD 400,000 from the previous USD 250,000 requirement. The decision was taken at a presidential meeting and soon will be published in gazette. No changes were made in minimum USD 500,000 deposits in banks, state bonds or in companies. Turkey…
Hiring an accredited agent is an important part of the application process, to make things easy for you if you are out of the country. It is a must to appoint an government licensed agent with Citizenship by investment, however for golden visas, this is optional, you can directly apply apply at consulates or immigration office. Citizenship by Investment You…
Have Golden passports lost their shine? Is the CBI bubble about to burst? It appears doors are fast closing for citizenship by investment programs by 2025.
The CBI bubble picked up mainstream attention since 2010. Over the years golden citizenship schemes have received criticism and negative publicity. Global political events such as Russia-Ukraine war had a profound effect on citizenship by investment (CBi) programs adding more fuel to fire with increased pressure from US, Canada and EU to shut down such schemes. The European commission has criticized the golden passports sold to rich russian oligarchs, saying EU values not for sale.
Twelve EU countries currently operate residence by investment schemes. The minimum investment levels range from €60,000 to €1,250,000. A study has estimated that more than 130,000 people have obtained residence or citizenship in EU countries via these schemes with the total investment estimated at €21.4 billion from 2011 to 2019.
So far, member states such as Bulgaria, Cyprus already passed legislation to end golden citizenship schemes. The United Kingdom, Latvia have announced closure of golden visa schemes.
The European Parliament adopted on 9 March 2022 a report with proposals to the Commission on citizenship and residence by investment schemes, in which it calls for fully phasing out investor citizenship schemes across the Member States and for strictly regulating different aspects of investor residence schemes.
EU proposals call for shutting down all CBI schemes including operated by third countries by gradually phasing them about by 2025. The Citizenship by investment (CBI) schemes, under which third country nationals obtain citizenship rights in exchange for a sum of money, undermine the essence of EU citizenship. The report proposes an EU-level tax on the revenues Member States generate with the schemes, as well as the improvement of EU legislation on anti-money laundering to close any potential loopholes.
The EU proposals has also list imposing short stay visa waiver suspension on third countries operating investor citizenship schemes with Vanuatu becoming the first victim. The Visa waiver agreement to visit Schengen area to all Vanuatu passport holders issued from 2015 is already active. The Commission is closely scrutinising investor citizenship schemes of third countries that could be used to circumvent the EU short-stay visa procedure
The European Parliament asks for EU rules to help tackle money laundering, corruption, and tax evasion, including:
War is a game changer making the widespread abuse of golden citizenship schemes
Some Russian or Belarusian nationals who are subject to sanctions or are significantly supporting the war in Ukraine might have acquired EU citizenship or privileged access to the EU, including to travel freely in the Schengen area. The issuance of residence permits under investor residence/citizenship schemes to all Russian and Belarusian nationals.
Commissioner for Justice and Consumers, Didier Reynders, said: “European values are not for sale. We consider that the sale of citizenship through ‘golden passports’ is illegal under EU law and poses serious risks to our security. It opens the door to corruption, money laundering and tax avoidance. ”
The US has also joined the party opposing golden passport programs. Reps. Burgess Owens (UT-04) and Steve Cohen (TN-09) introduced the No Travel for Traffickers Act, bipartisan legislation to revoke a country’s eligibility for the U.S. Visa Waiver Program if they participate in citizenship-by-investment, the practice of selling passports in exchange for economic investment.
The No Travel for Traffickers Act would:
