EU executive steps up legal action against Cyprus, Malta over passport scheme
European Commission (The European Commission) stepped up legal action on Wednesday over passport-trafficking schemes in Cyprus and Malta, a move that could ultimately lead to the two island nations ending up in court and facing fines. The first step in the legal process was initiated last October when the EU's executive commission sent formal notices to the two countries, giving them two months to respond. On Wednesday, the commission sent Cyprus a reasoned opinion saying it had failed to address its concerns. The country has two months to inform the European Commission of the measures taken to comply with EU law or risk prosecution.
Massive illegal acts by the Government of Cyprus
In a statement, Cyprus said, "Although Cyprus has abolished the program and stopped receiving new applications on November 1, 2020, it continues to process pending applications (pending applicaitons)." This comes two days after an official investigation found that the Cypriot government violated its own laws numerous times between 2007 and 2020 by granting citizenship to nearly 7,000 people.
Chancellor: Cabinet violated the law on numerous occasions
A government-appointed commission of inquiry said in a condemnatory indictment that the passport program, which benefited nearly 7,000 people, operated in a vacuum for more than a decade without adequate oversight, checks and balances. The head of the inquiry, former Chief Justice Myron Nikolatos, said, "It is clear that the Citizenship by Investment Program was implemented from 2007 to 2020 with loopholes and deficiencies, an inadequate legislative framework, and virtually no regulatory framework." Nikolatos said Cypress' cabinet, which was responsible for rubber-stamping applications, violated the law on countless occasions, calling it "massively illegal behavior."
Air regulation destroys 'EU golden passport' scheme
2015 to 2016 is the "EU gold passport" the most hot year, the Mediterranean Sea to the east of Cyprus to invest 2.5 million euros in real estate to send the EU passport, as well as the west of the Malta it 1 million euros to get the EU passport + visa-free U.S. by the majority of China, Russia, the Middle East tycoons favorite. According to a report published by the EU Commission of Inquiry, from 2007 to 2020, more than half of the so-called "golden passports" were issued to non-EU citizens without authorization. Former Chief Justice Myron Nikolatos, chairman of the commission of inquiry, said politicians, lawyers, clergy and civil servants were involved in the scandal, and that the judiciary would now thoroughly investigate the identities of those involved.
During these 13 years, the illegal sale of passports became common practice, with a total of 3,609 people illegally acquiring Cypriot citizenship, accounting for 53% of the total of 6,779 cases we investigated."
Former Chief Justice Myron Nikolatos, Chairman of the Commission of Inquiry
Blindfolded due diligence, illegal issuance of passports
The relevant investigations at the request of EU headquarters and other member states took about nine months, and the Commission of Inquiry noted that the illegal passports were issued mainly to family members of the main investors, without any legal basis. The fact that more than half of the passports were issued illegally not only exposes the Cypriot government to severe EU lawsuits, but also the original non-EU citizens who acquired Cypriots may be implicated.
Murder of Maltese journalist investigating money-laundering case
Daphne Caruana Galizia (Caruana Galizia) is a Maltese journalist and anti-corruption blogger in the smallest member state of the EUmalleusDigging into the secrets of the most powerful people, she was known for investigating and exposing corruption. Her blog was one of the most visited pages in Malta before she was killed by a car bomb on October 16, 2017.After the Panama Papers were released to the world in 2016, Galizia looked to those documents for information relating to high-level Maltese officials, and in 2017 Galizia accused Maltese Prime Minister Joseph Muscat and his wife used secret offshore bank accounts to receive funds from Azerbaijan. Muscat denied the allegations, but the scandal ultimately forced Muscat to call an early general election.
Malta's government is $1.5 billion richer, continues new naturalization program
Dozens of journalists around the world are killed every year in war zones or in countries where the rule of law is weak, such as Russia. In response to such a brazen murder in the European Union, a haven for free speech and a refuge for journalists attacked in their own countries, European Parliament President Antonio Tajani attended the funeral of Caruana Galizia in the Maltese town of Mosta. In Brussels, European Commission spokesperson Margaritis Schinas expressed horror at the situation and linked the murder to the work of journalists. Speaking to reporters in Brussels, Schinas said, "The right of journalists to investigate, to ask disturbing questions and to report effectively is at the heart of our values and needs to be safeguarded at all times."
Although the previous passport naturalization program is no longer valid, Mal it established a new naturalization program at the end of 2020. It remains to be seen whether it will still be recognized by the wealthy, based on its bitter experience and the strong opposition of the European Union.
Due diligence determines project longevity
In a report fromFinancial Times's subsidiary, Specialized Wealth Management (PWM(used for emphasis)reportingIt is shown in the Dominica Citizenship by Investment Program was established in 1993 in thedue diligence(For Cypress, although it scored 10 out of 10 for Freedom of Movement, it scored 10 out of 10 for Freedom of Movement, and 10 out of 10 for Certainty of Product. Certainty of Product) six received a perfect score of ten, for Cypress, although its Freedom of Movement (Freedom of Movement) 10 points out of 10.due diligence(Due diligence) was only 7 out of 10, and all other scores were unimpressive, leading to a program with a lifespan of only 9 years, and ultimately legal action in the EU.
Dominica Passport: the most responsible due diligence on applicants, the most stable program on the market
I've helped people from all over the world customize plans to completeRemote Naturalizationconfigureunderlying identityI would recommend that people with long term status plans choose a program that has been in existence for more than twelve years because of the need to renew passports for issuance, as well as the fact that within ten years the program will face a lot of trials toDominican Republicand St. Kitts are the most stable. Both are over twenty-five years old and are still the most stable programs in the industry. Dominica's passport is inTax planning, offshore holdings, and offshore applications have performed particularly well asunderlying identityBeing able to reconnect with Europe'sGolden Visaand e-citizenshipescalate (in intensity)In addition to the fact that single siblings can participate in due diligence together to apply for naturalization, Dominica will continue to bring family applicants the advantage of a multitude ofMaximum resilience and risk control, making it a preferred choice for the high-asset community.
Reasons for problems with the passport naturalization program
Exploring passport naturalization programs that have gone awry, mainly due to problems with Due Dilligence, is broken down into the following scenarios
- Government officials omit due diligence procedures
- Intermediaries assisting in the submission of false documents
- Inadequate governmental due diligence capacity
Common scenarios are:
- No actual funds available
- Failure to review criminal records
- Failure to verify birth and household information
- Not in accordance with national law
- Other behaviors that affect the security, experience and social stability of the country.
Citizenship by Investment ProgramIt is a good idea that countries want to offer citizenship to foreigners who bring positive help and have high net worths, as well as tax benefits, identity protection, and passports. But sometimes the darker side of human greed, when met with the temptation of another evil, can create a total problem for the country, as we can learn from well-known international cases in the past few years:
Problematic passport program
- Malaysian financial scammer Liu Tezo, involved incase of fugitive corruption
- Pilatus Bankmoney laundering caseThe bank's president usesTwo St. Kitts passportsevade sanctions(2019)
- Saint KittsdeveloperAnother scandal.(November 2018)
- To the Prime Minister of St. Kitts, Timothy Harris, who raised theAllegations of corruption(May 2019)
- A group of tourists carrying105 white passportsDetained in transit in the Caribbean(November 9, 2019)
- Former St. Kitts PM Denzil Douglas detained by UK at Gatwick Airport for carrying £70,000 cash(November 2019)
- National outrage as former St. Kitts PM holds Dominica's diplomatic passport, pledges allegiance to it(March 2020)
- Vanuatu is reviewing its Passport program due to concerns that insufficient vetting of mainly Chinese applicants may result in a lack of transparency.jeopardize its enjoyment of the EUThe right to enter the country without a visa. (October 28, 2019)
- The European Commission's currentHigh-risk countrieslist (of names)including throughVanuatu in south pacific (formerly New Hebrides)Afghanistan, Bosnia and Herzegovina, Iran, Iraq, Laos, North Korea, Pakistan.. (January 20, 2020)
- Government of VanuatucorruptPrestigious reputation, well-known foreign institutionsNon-promotion of the Wa project
- Chinese nationals were arrested by Vanuatu police during a nighttime raid, according to a report by theFour of the six arrested have dual Vanuatu and Chinese citizenship... Immediately removed from Vanuatu status (July 2019)
- Grenada, through its cooperation with China'sExtradition treatiesBill (November 2018)
- The Grenada Investment Citizenship Commission stated that98% of Grenada passport applicants so far in 2018 are from China
- Grenada issued a statement onWarning on the use of citizenship through investment programs(February 2019)
- in anRefWorld ReportIt was noted that Saint Lucia is a democracy with periodic transfers of power between political parties. Challenges includegovernment corruptionrespond in singingtransparency(math.) genusPolice brutality(math.) genusimpunity, Lesbian, Gay, Bisexual and Transgender (LGBT)discriminate againstThe
Due diligence is the only way to get true permanent citizenship.
Many people chooseCitizenship by Investment ProgramYou may find it too much trouble to prepare bank statements, work permits, birth notarization, and fill out the naturalization form plus translation and notarization, which is particularly troublesome. However, a complete review of the naturalization program can give you full citizenship, protect your family's safety, asset safety, travel safety, no worries as the underlying identity, as a trust and beneficiaries, holding real estate, overseas accounts, offshore company equity.BPROL is very experienced in assisting applicants and their families in preparing the necessary documents for naturalization, how to go through the due diligence and other various legal procedures, and you can alwaysContact meTheDon't choose a country where you pay directly for a passport just because you are afraid of the hassle, not only is there no bill to protect you, but in the long run irreversible bad results will happen.
Extended Reading
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Dominica Citizenship Program
- The Dominica Citizenship Naturalization Program was established in 1993 A.D. and is one of the oldest naturalization programs in the world.
- passport immigrationApplicants are not required to attend an interview
- Immigration can be processed quickly: the time it takes is about 2-3 months.
- The most cost-effective program for single applicants
- The status can be passed on permanently to the next generation in the direct line.
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