Contents EXECUTIVE SUMMARY
02
CLOSING EU DOORS TO THE CRIMINAL AND CORRUPT: KEY RECOMMENDATIONS
48
GOLDEN VISAS: FACTS AND FIGURES
08
How Much Does a Golden Visa Cost? How Much Money Have Member States Made?
09
What The EU Needs To Do
48
What National Governments Need To Do
50
How Many People Have Bought Their Way Into Europe? Where Are They From?
12
Enhanced due diligence
50
Integrity Principles
50
ANNEX
52
WHAT’S THE PROBLEM WITH SELLING CITIZENSHIP AND RESIDENCY?
18
Annex 1. European Golden Visa Programmes
52
Due Diligence Procedures Ill-Adapted to Risk Profile of Applicants
19
Annex 2. Investment Required and Made Through European Golden Visa Programmes
54
Lack of Operational Integrity in Governance of Schemes
20
62
20
Annex 3. Number and Origins of Applicants to European Golden Visa Programmes
Lack of Harmonised Standards and Practices at EU Level
66
Caribbean Golden Visas: Rum Deal for Europe
21
Annex 4. Golden Visa Programmes of Cyprus, Malta And Portugal Endnotes
74
VICTORS OF THE EUROPEAN GOLDEN VISA MARKET
24
CYPRUS
26
Oligarchs, Crooks, Citizens
28
MALTA
30
Allegations and Suspicious Payments Tarnish Malta’s Scheme
33
PORTUGAL
37
Clean Cars, Dirty Money, Golden Visas
38
WHEN THINGS GO WRONG
40
Hungary: Shady Middlemen
40
The UK Tier 1 Visa: The Dangers of Blind Faith
42
BOXES What Does This Report Do?
07
What Are the Real-Life Impacts of Golden Visa Schemes?
16
Should EU Citizenship Even Be For Sale?
19
Passport and Permit Kings
29
National Development Funds: Who Benefits From Golden Visa Schemes?
34
Annex III of the 5th AML Directive Is Not the Answer
44
The EU’s Competency to Act
49