Four more people have had their Cypriot citizenship revoked this month, so why EU passports may just be a waste of time.
Cypress Mail
Cypress Post notes Attorney General Giorgos Savvides will be briefed today, Friday (April 29), on the investigative process of the controversial Cypress Investments naturalization program, just in time for the 2019Al Jazeera (Arabic news network)Cyprius wanted to put the matter to rest after journalists found out about the government's corruption, but Malta, which is also part of the European Union's naturalization program, happened to journalistsDaphne Caruana Galizia (Karuana Galizia) was victimized, journalists investigating government corruption were suspected to have been victimized, and the whole thing went cross-country.Recently U.S. Senators have argued that the Maltese Citizenship by Investment program poses some risk to the United States, proposing to halt Malta's visa-free entry program into the U.S., Cypress alsoCitizenship revoked from four Russian billionaires, which includes Russian aluminum tycoon Oleg Deripaska, who had already acquired a Cypriot passport six years ago (2017).
Cypress police are currently investigating a second case related to the Citizenship Program
Earlier this year it was announced that the Legal Department was in the final stages of reviewing the police case, which was handed over to the Office following an investigation into the "Cyprus Papers". Cyprus News AgencyOn Friday, April 29, Savvides will attend a meeting with Police Commissioner Stelios Papatheodorou and Assistant Attorney General Savvas Angelides to discuss the progress made so far in the investigations and to advise on the next steps, the report said. They are also expected to deal with a number of other serious ongoing criminal cases, a source told reporters, adding 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 special naturalization for foreign investors and businessmen, was submitted to the court in May 2021 on the basis of a report prepared by an ad hoc three-member committee headed by then Securities and Exchange Commission chairman Dimitra Kalogirou.
The EU's view on the golden passport
In March this year Reuters reported that the European Parliament urged the European Union to, by 2025Prohibition of the Golden Passport Programand immediately stop issuing visas and citizenship investments to wealthy Russians, the golden passport industry has generated more than €20 billion ($21.8 billion) in investments in EU countries between 2011 and 2019, with EU countries such as Malta and Cyprus reaping huge profits from their schemes, EU lawmakers said in their report, in which they proposed to phase out the golden passport program and strict residency arrangement rules, includingMore stringent checks on applicantsThe
EU NSA reopens investigation: case - Bulgaria
At the end of November 2021, the European Union's State Security Service (SANS) wrote to the Ministry of Justice urging it to collect and pass on information on Bulgarian citizens who have invested in naturalization, and to investigate all information on people with such passports, which will be submitted to the European Commission and Parliament for analysis.In 2019, SANS conducted a check of the funds invested in the Bulgarian country by the holders of the "golden passports". holders of "golden passports" were checked for funds invested in that Bulgaria. As a result, the agency demanded the revocation of citizenship of a Russian, three Egyptians, a Pakistani and a Jordanian. They had acquired their citizenship through the purchase of government securities, but sold their passports as soon as they got them. Two years later, SANS requested the same information from the Department of Justice in order to pass it on to its European partners, theMalta and Cyprus have likewise received letters from the EU to re-investigate such investors who have been granted EU passports.The
Many people look for EU citizenship as a second security, but right now EU citizenship can be the most precarious nationality for those who naturalize as EU investors.
Consequences of withdrawal of EU citizenship
No use of overseas bank accounts
The first problem faced after citizenship is revoked is the need to update the information in the bank account, including the description of the current job, updating the place of residence, providing proof of a new address, and even translating and notarizing these documents. If you are unable to leave the country during this period, your mobile banking and bank card will not be able to be used temporarily.
Overseas properties, company equity issues
Some people take EU citizenship because of the free trade between EU countries and the tax benefits with other countries around the world, but when they lose their EU citizenship, the shareholders of the company have to change their citizenship, and then they may lose the qualification to be the representative of the company, and they need to hire another EU citizen to be the legal representative of the company. The bank will have to redo its due diligence, which means that the company's business will have to be stopped, which can cause major problems.
Loss of visa, right of abode
Another problem is the loss of the right to enter and stay in the EU, you need to reapply for a visa to the EU, but since you are a person whose citizenship has been revoked by the EU, which means you are not welcome in the EU for "special reasons", you will probably not be able to get a visa to the EU countries or Schengen successfully. You may not be able to get a visa for EU countries or Schengen, and you may lose the visas in your passport, such as US E visa, F visa, and immigration visa.
EU Passport or EU Golden Visa?
After the shutdown of Malta, Cyprus, and Bulgaria, the only residency programs left in the EU are those of Portugal, Greece, Spain, and Malta, and unlike the EU passport program, all of these programs require the applicant to hold a residency card for a further five years and to meet a specified number of days of residency before naturalization. These programs have a long way to go to get a European passport, unlike theCitizenship 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 the more stable and reliable choice for the current situation. If you want to do a complete identity planning, it is recommended that you set a good goal before choosing which programs to use, because each country has different requirements, applicants' needs and industries are also different, interested parties canConsultation by Appointmenteither one or the otherGet in touch with us.. Also see the following ways to get a passport + EU green card:
- Caribbean Citizenship + Greek Home Purchase(400,000 euros.Nationality + Life in Europe)
- Caribbean nationality + Maltese (350,000 euros.Nationality + Life in Europe
- Montenegro+ Portugal D7 (500,000 euros, EU candidate)
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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.
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