The European Union Administration intensifies legal proceedings against Cyprus and Malta over the passport plan
European Commission (The European Commission) Wednesday intensified legal actions on the passport-sale plan in Cyprus and Malta, which may eventually lead to the two island countries being prosecuted by the court and facing fines. In October last year, the European Commission issued an official notice to the two countries, giving the two countries two months to reply, and initiated the first step in the legal process. On Wednesday, the committee issued a reasonable opinion to Cyprus, stating that Cyprus had failed to address its concerns. The country has two months to notify the European Commission of the measures it has taken to comply with EU law, or is in danger of being prosecuted.
Large-scale illegal actions by the Cyprus government
Cyprus said in a statement: "Although Cyprus has abolished the program and stopped accepting new applications on November 1, 2020, it is still continuing to process pending applications (pending applicaitons)." Two days before, one An official investigation found that the Cyprus government violated its own laws countless times between 2007 and 2020, granting citizenship to nearly 7,000 people.
Justice: The Cabinet has violated the law countless times
A government-appointed investigative committee stated in a condemning indictment that the passport program, which has benefited nearly 7,000 people, has been operating in a vacuum for more than a decade, without adequate supervision, and without checks and balances. The head of the investigation and the former Chief Justice Myron Nikolatos said: “It is clear that the citizenship investment plan will be implemented from 2007 to 2020. There are loopholes and deficiencies. The legislative framework is imperfect and there is almost no Regulatory framework.” Nikolatos said that Cypress’s cabinet in charge of rubber stamp applications has violated the law countless times, calling it “large-scale illegal acts”.
Air regulation destroys the "EU Golden Passport" program
2015 to 2016 was the hottest year for the "EU Golden Passport". Cyprus in the east of the Mediterranean sent an EU passport with an investment of 2.5 million euros in real estate, and Malta in the west received an EU passport + visa-free for the United States. Loved by the wealthy of China, Russia and the Middle East. According to a report published by the European Commission of Inquiry, from 2007 to 2020, more than half of the so-called "golden passports" were issued to non-EU citizens in violation of regulations. Former Chief Justice Myron Nikolatos, chairman of the investigation committee, said that politicians, lawyers, clergy and civil servants were involved in the scandal, and the judiciary will now thoroughly investigate the identities of those involved.
Blindfolded due diligence, illegal issuance of passports
According to the requirements of the EU headquarters and other member states, the investigation took about 9 months. The investigation committee pointed out that illegal passports were mainly issued to family members of major investors without any legal basis. More than half of the passports are issued illegally, which not only exposes the Cyprus government to severe EU lawsuits, but also the original non-EU citizens who obtain Cyprus may be implicated.
Malta journalist investigating money laundering case killed
Daphne Caruana Galizia (Caruana Galizia) is a Maltese journalist and anti-corruption blogger, the smallest member of the European UnionMaltaDigging into the secrets of the most powerful person, he was killed by a car bomb on October 16, 2017. Malta began selling passports to wealthy foreigners in 2014. The strong demand mainly comes from wealthy Russians, Chinese and other Arab countries. Malta's EU passport grants visa-free travel, work and residency rights in the 27 EU member states. Since its launch in 2014, the Maltese "passport naturalization" program has allowed the government to earn 1.5 billion US dollars. As a result of the murder of a Malta journalist investigating money laundering cases,Malta's Corruption Perception Index (CPI) fell in 2019the brochure freely.
The Maltese government earns 1.5 billion U.S. dollars and continues its new naturalization program
Every year, dozens of journalists are killed in war zones or countries with weak rule of law, such as Russia. The European Union, a paradise for freedom of speech, is a refuge for journalists who have been attacked in their own country. For such a brazen murder, the President of the European Parliament Antonio Tagjani participated in Caruana in Mosta, Malta. · The funeral of Galizia. In Brussels, Margaritis Schinas, a spokesman for the European Commission, expressed fear and linked the murder to the work of journalists. Cinas told reporters in Brussels: "The right of journalists to investigate, ask disturbing questions and report effectively is at the core of our values and needs to be protected at all times."
Although the previous passport naturalization program is no longer valid, Malta established a new naturalization program at the end of 2020. However, based on its painful experience and the resolute opposition of the European Union, whether it is still recognized by the rich requires long-term observation.
Due diligence determines the life of the project
In a reasonFinancial TimesThe subsidiary professional wealth management company (PWM)ofreportAccording to the Chinese, the Dominica Citizenship by Investment Program was established in 1993.Due diligence(Due diligence), landing requirements (Mandatory travel or residence), minimum investment outlay (Minimum investment outlay), process convenience (Ease of processing), family friendliness (Family), plan stability (Certainty of Product) six items get full marks 10 points, for Cyprus, although it is in Freedom of Movement (Freedom of Movement) 10 points out of 10,Due diligence(Due diligence) is only 7 points, other scores are not eye-catching, resulting in the project has only a 9-year lifespan, and eventually the EU legal proceedings.
Dominica Passport: Do the most responsible due diligence on applicants and become the most stable project in the market
I helped people from all over the world to customize the planRemote naturalizationConfigurationLow-level identity, I suggest that people with long-term status plans choose projects that exist for more than twelve years, because passports must be renewed and issued, and the project will face many tests within ten years.Dominica's Citizenship by Investment ProgramAnd St. Kitts is the most stable. Both are more than 25 years old and are still the most stable projects in the industry. Dominica passport inTax planning, Overseas holdings, and offshore applications are particularly outstanding, asLow-level identityTo be able to reconnect with EuropeanGolden visa, Electronic citizenship and other identityupgrade, And now that single brothers and sisters can participate in due diligence to apply for naturalization together, with many advantages, Dominica will continue to bring family applicantsHighest flexibility and risk control, Making it the first choice for high-asset groups.
Reasons for problems with the passport naturalization plan
Discussing the problems with the passport naturalization plan, mainly due to due diligence (Due Dilligence) problems, divided into the following situations
- Government officials omit due diligence procedures
- Intermediary agencies assist in submitting false documents
- Insufficient capacity for government due diligence
Common situations are:
- No actual funds in place
- Uncensored criminal record
- Unverified birth and household information
- Does not comply with national laws
- Other behaviors that affect the security, experience, and social stability of the original country
Investment citizenship programIt was originally a good intention. The country hopes to provide citizenship to foreigners who bring positive help and high net worth, as well as provide tax concessions, identity protection, and passports. But people are sometimes greedy on the dark side. When they encounter another evil temptation, they may cause comprehensive national problems. We can learn lessons from well-known international cases in the past few years:
Passport program that has had problems
- Malaysian financial scammer Liu Tezuo, involvedCorruption case
- Pilatus BankMoney laundering case, The bank’s president usesTwo St. Kitts passportsEvade sanctions(2019)
- St kittsdeveloperScandal(November 2018)
- To Timothy Harris, Prime Minister of Saint KittsAllegations of corruption(May 2019)
- A group of tourists carry105 white passportsDetained while crossing the Caribbean(November 9, 2019)
- Former Saint Kitts prime minister Denzil Douglas was detained in the UK at Gatwick airport for carrying £70,000 in cash(November 2019)
- The former Prime Minister of Saint Kitts holds a Dominica diplomatic passport(March 2020)
Do your due diligence to have real permanent citizenship
Many people chooseInvestment citizenship programIt will be troublesome, and I feel that it is particularly troublesome to prepare bank records, work permits, birth certificates, and fill in naturalization forms, plus translation and notarization. However, a complete naturalization project can be reviewed to give you complete citizenship, protect family safety, asset safety, and travel safety, without worrying about being a bottom-level identity, as a trust and beneficiary, holding real estate, overseas accounts, and offshore company equity .BPROL has very rich experience in assisting applicants and their families to prepare the materials needed for naturalization. How to pass various legal procedures such as due diligence, you can alwaysContact methe brochure freely.Don't choose a country that directly spends money on passports because you are afraid of trouble. Not only is there no legal protection, but irreparable bad results will occur in the long run.
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Dominica citizenship by investment (CBI) program
- The Dominica citizenship program was established in 1993 and is one of the oldest naturalization programs in the world.
- Passport immigrationApplicants are not required to attend the interview
- Can handle immigrants quickly: the time is about 2-3 months
- For single applicants, this is the most cost-effective plan
- Identity can be passed on permanently to the next generation
- Click here for consultationreservation