The European Commission will launch infringement proceedings against Cyprus and Malta for a “golden passport”. Under this program, citizenship was available to third-country nationals who invested large sums of money in countries.
Maroš Šefčovič, Vice-President of the European Commission, pointed out that both countries have violated the norms of European Union law. The Commission has already has previously expressed serious concerns about these schemes, and recent events only confirm these concerns.
At the same time, officials will maintain intensive contacts with the Cypriot and Maltese authorities to ensure compliance with European law.
The Cypriot government took a decision last week end the “golden passport” program on 1 November, but 700 applications are still pending to date.
Until now, investors from third countries have been able to acquire citizenship of that country if they have invested at least $ 2.5 million in their economy.
Malta, meanwhile, began selling passports to wealthy foreigners in 2014, and last month the head of the office of former Maltese Prime Minister Joseph Muscat was arrested for shortcomings in the “golden passport” scheme.
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