According to the OCCRP, the EU has removed the stringiest measures and recommendations from a golden visa report published in January.
The European Commission made a warning that the EU states’ programmes regarding the sale of passports and visas to wealthy foreigners could help organised crime groups infiltrate the bloc and raise the risk of money laundering, corruption and tax evasion.
The warning contained in the first report concerns the so-called “investment migration”, which allows rich people to acquire citizenship or residence in the countries that put them up on sale.
It emphasises the shortcomings of the Cypriot and Maltese schemes which do not sufficiently check the origins of wealth of individuals and do not allow their easy identification.
Although legal, these schemes are sometimes run without sufficient checks on those who acquire passports and visas.