In a recommendation issued today, the Commission urges the Member States to immediately abolish any existing investor citizenship schemes and to ensure that strict controls are in place to address the risks posed by investor accommodation schemes. The current recommendation is part of the Commission’s broader policy to take decisive action on these systems. The current context of Russian aggression against Ukraine underscores once again these dangers.
Some Russian or Belarusian citizens who are subject to sanctions or strongly support the war in Ukraine may have acquired EU citizenship or privileged access to the EU, including traveling freely within the Schengen area under these schemes.
To address these immediate risks, the Commission also recommends that Member States assess whether citizenship granted under a “golden passport” scheme to Russian or Belarusian nationals on the EU sanctions list in connection with the war in Ukraine should be to retire. Residence permits issued under a resident investor scheme to Russian or Belarusian nationals subject to sanctions should be revoked immediately, after an individual assessment and in accordance with the principle of proportionality, fundamental rights and national law of the Member States.
Justice Commissioner Didier Raders said: “European values are not for sale. We consider the sale of citizenship through “golden passports” to be illegal under EU law and pose a serious risk to our security. It opens the door to corruption, money laundering and tax evasion. All Member States concerned should terminate investor citizenship schemes immediately. In addition, they will have to assess whether they should revoke any “golden passports” already issued to people in sanctions and others who strongly support Putin’s war.
The current recommendation emphasizes that: “Any Member State still operating investor citizenship schemes must terminate them immediately. Such systems are incompatible with the principle of sincere cooperation and with the concept of EU citizenship enshrined in the EU Treaties. “which are subject to sanctions or strongly support the war in Ukraine should be removed.”
Investor Housing Plans
Investor accommodation systems pose inherent security risks, money laundering, tax evasion and corruption for the Member States and the EU as a whole. Russia’s aggression against Ukraine has once again highlighted these dangers.
In its recommendation adopted today, the Commission calls on the Member States to:
* Carry out strict checks before issuing any residence permit through investment.
Member States should take all necessary measures to prevent investor accommodation systems from creating security risks, money laundering, tax evasion and corruption. This includes establishing and carrying out checks related to residence and security conditions prior to the issuance of such permits, as well as verifying whether the stay is continuous.
* Immediate withdrawal or rejection of the renewal of residence permits issued under an investment residence system in Russia or Belarus
* Suspension of the issuance of residence under relevant investor programs to all Russian and Belarusian nationals.
All measures must be implemented in accordance with the principle of proportionality, fundamental rights and national law of the Member States.
Investor Citizenship Schemes
Everyone who is a citizen of an EU Member State is also an EU citizen. EU citizenship automatically entitles one to free movement, access to the EU internal market and the right to vote and to stand as a candidate in European and local elections. This affects all Member States, and the dangers of such systems have been highlighted once again in the context of Russian aggression against Ukraine.
Next steps
The current recommendation is just one element of the Commission’s overall policy to take decisive action on both citizenship and housing investment schemes. The Commission may take additional action in the future, as required.
The Commission asks the Member States concerned to report on the implementation of the recommendation submitted today by the end of May and to inform the Commission regularly thereafter.
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