In a draft report published yesterday, the European Parliament’s Financial Crimes, Tax Evasion, and Tax Avoidance Committee is calling for the “phasing out” of all EU golden visa and citizenship by investment programs.
The pretext for the recommendation is these programs’ perceived threat to security in the Union, as well as their potential for “CRS circumvention”.
MEP Ludek Niedermayer of the European People’s Party and Jeppe Kofod from the Socialist and Democratic Party presented the report and urged the closure of all investment migration programs in Europe, stating that the “potential economic benefits” of investment migration programs did not outweigh the risks of money laundering and tax evasion.
Paragraph 91 states that the Committee “c
The draft report will now proceed to discussion within the committee, following which a vote will be taken to determine whether the report should proceed to discussion in the European Parliament.
Christian Henrik Nesheim is the founder and editor of Investment Migration Insider, the #1 magazine – online or offline – for residency and citizenship by investment. He is an internationally recognized expert, speaker, documentary producer, and writer on the subject of investment migration, whose work is cited in the Economist, Bloomberg, Fortune, Forbes, Newsweek, and Business Insider. Norwegian by birth, Christian has spent the last 16 years in the United States, China, Spain, and Portugal.