The Start of the End for Citizenship-by-Investment Schemes?

The European Parliament's TAX3 committee has issued a report requesting the slow elimination of all citizenship-by-investment systems within Europe after an evaluation of the progress on tax evasion and money laundering.

The committee's members states that the schemes offered by specifically Malta and Cyprus threaten the “strength of international information exchanges” as per the OECD’s Common Reporting Standard, and pose grave threats of tax evasion and money laundering.

It calls on the European Commission to thoroughly ensure that Member States are employing due diligence when vetting all applicants until they are “effectively repealed” in each jurisdiction.