Four more people have their Cyprus citizenship revoked this month, so why EU passports may be just a waste of time?
cyprus post
The Cyprus Post notes that Attorney General Giorgos Savvides will be briefed today on Friday (April 29) on the process of the investigation into the controversial Cyprus Citizenship by Investment scheme, only Tube in 2019Al JazeeraAfter the reporter discovered the government corruption incident, Cyprus wanted to settle down, but Malta, which is also an EU naturalization project, happened to the reporter.Daphne Caruana Galizia (Caruana Galizia) was injured, and the journalist who investigated the corruption of the government was suspected of being injured, and the whole thing became more and more serious.U.S. senators say Malta citizenship by investment program poses certain risks to the U.S., proposes to stop Malta's visa-free entry to the US program, Cyprus alsoFour Russian billionaires revoked from citizenship, which includes the Cyprus passport obtained by Rusal billionaire Oleg Deripaska six years ago (2017).
Cyprus Police are currently investigating a second case related to the Citizenship Program
It was announced earlier this year that the legal department's review of the police case, which was referred to the office following an investigation into the "Cyprus Papers", was in its final stages. cyprus news agencyOn Friday, April 29, Savvides will appear at a meeting with Police Chief Stelios Papatheodorou and Assistant Attorney General Savvas Angelides to discuss progress made so far in the investigation and provide recommendations on next steps, the report said. They are also expected to deal with many other serious ongoing criminal cases, with a source telling reporters that police are currently investigating a second case related to the citizenship program, which could be brought to court in May. The first case, involving the special naturalization of foreign investors and businessmen, was brought to court in May 2021 based on a report prepared by an ad hoc three-member committee headed by then-SEC Chairman Dimitra Kalogirou.
The EU's take on the golden passport
In March, Reuters reported that the European Parliament urged the EU to have a deadline to 2025Ban the Golden Passport Scheme, and immediately stopped issuing visas and citizenship investments to wealthy Russians, the golden passport industry generated more than 20 billion euros ($21.8 billion) in investments in EU countries between 2011 and 2019, with EU countries such as Malta and Cyprus passing Their scheme has reaped huge profits, and EU lawmakers said in their report that they proposed phasing out the golden passport scheme and strict living arrangements rules, includingStricter checks on applicantsthe brochure freely.
EU National Security Agency reopens investigation: case - Bulgaria
At the end of November 2021, the EU National Security Service (SANS) sent a letter to the Ministry of Justice urging it to collect and transmit information on citizenship by investment of Bulgarian citizens, to investigate all information on persons with such passports, which will be submitted to the European Commission and Parliament analysis. In 2019, SANS checked the funds invested in Bulgaria by holders of "golden passports". As a result, the agency requested the revocation of the citizenships of one Russian, three Egyptians, one Pakistani and one Jordanian. They acquired citizenship by buying government securities, but sold their passports as soon as they got their hands on it. Two years later, SANS asked the DOJ to provide the same information so it could be passed on to European partners,Malta and Cyprus have also received letters from the EU to re-investigate such investors who hold EU passportsthe brochure freely.
Many people look for EU citizenship as a second security, but right now EU citizenship is probably the most precarious nationality for those seeking citizenship as an EU investor.
Consequences of being revoked EU citizenship
Overseas bank account not in use
The first problem faced after the citizenship is revoked is that the bank account information must be updated, including stating the current job, updating the place of residence, providing a new proof of address, and even notarizing these documents. If people cannot go abroad during this period, mobile banking and bank cards will be temporarily unavailable.
Overseas real estate, company equity issues
Some people take EU nationality because of free trade between EU countries and tax benefits with other countries around the world. Once they lose their EU citizenship, the company's shareholders must change their nationality. At this time, they may lose their qualifications to act as company representatives. Then ask another EU citizen to act as the legal representative of the company. The bank has to redo the due diligence at this time, which means the company's business needs to stop, which can cause big problems.
Loss of visa, right of residence
Another problem is that you have lost the right of entry and residency in the EU. You need to re-apply for an EU visa, but because you are a person whose nationality has been cancelled by the EU, it means that you are not welcomed by the EU because of "special reasons", so you are very likely It is not possible to successfully obtain a visa for EU countries or Schengen. And the visas on the original Union passport, such as the US E visa, F visa, and immigration visa, may be lost.
Choose EU Passport or EU Golden Visa?
After the closure of Malta, Cyprus, and Bulgaria, the EU only has residence programs in Portugal, Greece, Spain, and Malta. Unlike the EU passport program, these programs require applicants to further Hold the residence card for five years and meet the specified number of days of residence. These programs all take a long way to get a European passport, unlikeCitizenship by investment programYou can get a passport right away, usually with a language test and recognition of the country's culture, but the EU golden visa is still a relatively stable and reliable choice for the current situation. If you want to make a complete identity planning proposal, you should first set your goals, and then choose which projects to use. Because the requirements of each country are different, the needs and industries of applicants are also different. Interested people canSchedule an appointmentOrcontact us. You can also refer to the following methods to obtain a passport + EU green card:
- Caribbean Citizenship + Property Purchase in Greece(€400,000,Nationality + European Life)
- Caribbean citizenship + Malta (350,000 euros,Nationality + European Life
- Montenegro+ Portugal D7 (€500,000, EU candidate country)
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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
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