EU citizenship on sale to rich investors

by Ivano Abbadessa - 2014.01.16
EU citizenship on sale to rich investors
  • Share on Facebook Share on Twitter Share on Whatsapp
  • Print

In Europe the race has begun to sell citizenship and residence permits. The economic crisis has played its part in the increasing number of EU states that are allowing wealthy investors from third countries to acquire citizenship in order to attract foreign capital. This effectively allows the investors, in accordance with EU law, unrestricted access to all EU countries. Requirements vary greatly from country to country. While Malta grants full citizenship to a foreigner in exchange for an investment of €650,000, Cyprus requires an investment of more than €5 million. Getting a residence permit is far less expensive. For example, Greece grants permits to those who buy a property worth a minimum of €250,000. Hungary offers the best value: a foreigner can become a resident on payment of a €300,000 fee, of which €250,000 will be reimbursed after five years. These are just a few examples of the EU citizenship market, which has prompted Brussels to ask member states to take the issue more seriously. “Citizenship,” said the Justice Commissioner in a debate at the EU Parliament, “should not be for sale!”

  • Now millionaires also number among the immigrants

    That the number of immigrants is growing in relative terms is a given. However, until recently, we did not know that this growth also extended to the high earners of the world. A new trend analysed and described in the recent brilliant paper “Millionaire Emigration” by the Migration Policy Institute Read More.

  • How the children of immigrants gain citizenship

    Italy: Law No. 91 of 5 February 1992, modifying in part the regulation on the means of the granting of citizenship in force since 1912, has confirmed that the children of immigrants born in Italy do not automatically acquire civil status. This is only the case if it is requested Read More.

  • Another route to achieve ius soli

    In politics as in life, something good may just come out of something bad. On the condition, however, that one has the intelligence and the will to turn things around as needed. As in the case of the tragic calendar deferment decided yesterday by the Senate (already voted by the Read More.

  • Five curious statistics about legal immigrants in the USA

    Out of 44.7 million immigrants in the USA, as many as 33.8 million are legal. The Pew Research Center has just brought to light some facts about legal immigrants in the U.S. on occasion of Trump’s very recent announcement of his super-reforms for managing the arrival of foreigners in the Read More.

  • The U.S. grants citizenship to those who don’t know English

    More than 30% of American citizens of immigrant origins in the U.S. do not know how to either read or write in English. Which often creates and obstacle to social and economic integration. At least, this is the snapshot that has recently emerged in the last report of the Center Read More.

  • Britain’s “May Plan” targets immigrants, including those from Italy

    While Italy is divided over if and how to grant citizenship to the children of immigrants, England is planning on getting rid of immigrants altogether. This is true for Italians who emigrated to the UK, but also for many other EU citizens. It seems as if this is the enormous Read More.