The European Court of Justice’s (CJEU) ruling that Malta’s citizenship by investment scheme is unlawful has raised concerns among immigration lawyers and financial advisers targeting high net worth individuals from non-EU countries. They are urging their clients interested in obtaining European residency through investment programmes (‘golden visas’) to urgently move forward with their investment.
The fear is that further delay could lead to stricter requirements and higher financial costs. Lawyers explain this by the fact that the European Court has expressed doubts about the legitimacy of issuing EU passports to individuals with no real connection to the country, which could lead to a reconsideration of the terms of ‘golden visa’ programmes in other countries, such as Portugal, where physical presence requirements are minimal and the timeframe for obtaining a passport is relatively short. The ‘first come, first served’ principle is thus becoming the determining factor for those wishing to take advantage of the opportunities offered by European investment visas.
Pedro Lino, CEO of Lisbon-based Optimize Investment Partners, believes Portugal’s Golden Visa program is not in danger of being closed down, but advises clients to act quickly. His comments come as the European Commission is mounting pressure on countries offering residency-by-investment (Golden Visa) and citizenship-by-investment (Golden Passport) schemes, raising concerns that these programs could facilitate money laundering and corruption.
However, a recent ruling by the European Court of Justice, based on an opinion by the EU’s Advocate General Anthony Michael Collins, upholds the right of EU member states to determine who is eligible for citizenship, which in turn affects the definition of EU citizenship. The decision has weakened the Commission’s hand in its efforts to close such programs.
The fear is that further delay could lead to stricter requirements and higher financial costs. Lawyers explain this by the fact that the European Court has expressed doubts about the legitimacy of issuing EU passports to individuals with no real connection to the country, which could lead to a reconsideration of the terms of ‘golden visa’ programmes in other countries, such as Portugal, where physical presence requirements are minimal and the timeframe for obtaining a passport is relatively short. The ‘first come, first served’ principle is thus becoming the determining factor for those wishing to take advantage of the opportunities offered by European investment visas.
Pedro Lino, CEO of Lisbon-based Optimize Investment Partners, believes Portugal’s Golden Visa program is not in danger of being closed down, but advises clients to act quickly. His comments come as the European Commission is mounting pressure on countries offering residency-by-investment (Golden Visa) and citizenship-by-investment (Golden Passport) schemes, raising concerns that these programs could facilitate money laundering and corruption.
However, a recent ruling by the European Court of Justice, based on an opinion by the EU’s Advocate General Anthony Michael Collins, upholds the right of EU member states to determine who is eligible for citizenship, which in turn affects the definition of EU citizenship. The decision has weakened the Commission’s hand in its efforts to close such programs.
