EU Legislative Bodies Insist on Abolition of Golden Visas Schemes

By in

The European Parliament called on EU member states to take decisive action to counter money-laundering by ceasing to issue visas and passports under the naturalisation program, which operate in several countries, including Cyprus. However, according to experts, such a move could cause billions of dollars in damage to the economies of the countries.

This recommendation is a part of a report published last month, in which seven EU countries (Cyprus, Luxembourg, Ireland, Malta, Hungary, Belgium and the Netherlands) are accused of being tax heavens.

The published report is the result of work of the parliament’s committee on financial crime and tax evasion during the year. Currently, the report has been adopted by the entire assembly, which increases its political weight, although the recommendations described therein are not binding.