As mentioned in our previous reports, it is only a matter of time before all remaining programs are closed under pressure from EU authorities. Therefore, individuals currently contemplating acquiring a second citizenship through investment or a Golden Visa should act quickly.

Moldova, Montenegro, Bulgaria and Cyprus programs have already been closed due to pressure. Other countries such as North Macedonia, Albania and the Solomon Islands have programs planned but most likely will not launch them, otherwise they could lose access to the Schengen area, as happened with Vanuatu recently.

Even with the Golden Visa Program (RBI), it is not certain how long they will continue to run before they have to be closed under pressure from the EU, as was the case recently in Ireland seen. Interested parties should be aware that they must act quickly as the political landscape related to RCBI programs can change rapidly.

“It is important that we keep a close eye on all programs, including any impact on general public order, such as: B. the continuing adequacy and suitability of this program for cultural, social and economic purposes,” the Commission statement said. 

EU rejection of all RCBI programs

 The EU has opposed all RCBI schemes, including Ireland’s, and is calling for their suspension or the introduction of stricter rules. The determination to shut down these programs has been reinforced by EU opposition to RCBI programs across the continent.

An early 2022 EU Parliament report prepared by the Committee on Civil Liberties, Justice and Home Affairs highlighted the negative impact of CBI/RBI systems on the Union and Member States and called for a financial contribution to the Union budget for both CBI and as well as RBI systems. The EU Parliament views RCBI programs as free riders and calls for stricter regulation to avoid potential abuses and illegal activities.

Juan Fernando López Aguilar, the chair of the Civil Liberties, Justice and Home Affairs Committee, raised concerns about Ireland’s RBI scheme. He reportedly stressed that Golden Visa programs should be linked to actual economic activity related to growth and job creation. He underlined that this is an important point to be discussed in the European Parliament. He also emphasized that Ireland is a member state of the European Union and must therefore comply with the same standards as other EU member states.

This statement underscores the importance the EU attaches to RCBI programs and its calls for stricter regulation and scrutiny to avoid potential abuses and illegal activities. Potential investors should keep these developments in mind and fully understand the implications for the Golden Visa program in Ireland before making a decision.

Citizenship-by-investment programs are particularly targeted by the EU

 The EU has stepped up efforts to scrutinize and regulate citizenship-by-investment schemes across the continent. In particular, the Maltese and Cypriot programs are in the EU’s focus as they allow citizenship to be granted in return for a financial investment. For this reason, the EU Commission initiated legal action against Malta last year. The EU appears to be aiming to phase out such programs on the continent.

Programs that offer residency for investment, such as Portugal and Greece, are seen as less threatening. Nevertheless, the EU calls for stricter controls and regulations to harmonize standards and procedures within the RBI programs. This was emphasized in a statement by the EU Parliament on the subject in 2022. In view of these developments, potential investors should carefully examine the current regulatory situation in their target country before deciding on a program.

It remains to be seen how these political developments will affect the Golden Visa Program (RBI) and the Citizenship by Investment Program (CBI).

Prospective investors should be aware that the political landscape related to RCBI programs can change rapidly and should do their research well enough to make the best decision possible.

 

If you’re thinking about leaving the country but don’t know where to start, our GCI UNT Worldwide team is here to help.

We’ve helped hundreds of people move their businesses overseas, legally reduce their taxes, and become dual citizens. We are focused on high-net-worth individuals and their families as well as corporations wishing to invest their offshore companies or even secure their wealth in offshore financial centers around the world. We will help you to find the best solution for setting up an offshore or onshore company. Another special area of our full-service consulting is the investment opportunity and solution in Europe, especially in the Balkans, Africa, Asia, UAE, the Caribbean and the Pacific.

If you are looking for it, please feel free to contact us. We create a holistic plan that serves your purpose.

The Global Citizenship Investment Worldwide Group is a leading professional International Business Investment and Advisory Firm for Foreign Economic Relations, with 17th. departments in different Countries and the Headquarter in Malaysia.

(GCI UNIT Worldwide), designs and implements customized, holistic strategies for successful investors and entrepreneurs to legally reduce their tax bills, diversify and protect their wealth, invest abroad, gain a second citizenship and live a freer life worldwide to lead.

YOUR CHANCE FOR A BETTER LIVE

GCI firm is a professional International Business Investment and Advisory Firm for Foreign Economic Relations. Our range of services includes:

• Offshore and Onshore Company Formation,
• international Business & Management
• Citizenship & Residency
• Advice on residency and citizenship by investment programs, VIP citizenship programs in cooperation with more than 70 countries

• Investments & Corporate Financing
• Advisory for Foreign Economic Relationship
• Diplomatic Consultancy & Public Affairs

If you would like to discuss your internationalization and diversification plans, book a consulting session* or email us under:  [email protected]

*A counseling session is a conversation about your portfolio and goals. It does not constitute legal, financial, tax or investment advice.

Department GCI – Unit Global Citizenship Investment (GCI worldwide)

by TCME Worldwide Group – Global Investments –

Level 33, Ilham Tower, 8 Jalan Binjai,

Kuala Lumpur 50450, Malaysia

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