The European Union is seeking to put an end to the "golden passports"and to framegolden visas"issued by its member countries. The "golden visas"are residence permits issued to wealthy foreigners in return for money invested in EU member countries, while the "golden passports"We offer European citizenship in exchange for greater investment.
The European Parliament has proposed common rules to resolve the problems associated with the "golden visas"andgolden passports“. MEPs want common European rules to combat money laundering, corruption and tax evasion. They are calling for a significant tax to be levied on investments made, until such time as "tax-free" programs are phased out.golden passports"and indefinitely for the "golden visas“.
For example, thegolden visaThe Spanish "residencia" scheme grants automatic residency in Spain when you purchase a property for €500,000 or more. It is granted to a beneficiary and his/her immediate family (spouse and children) for an initial period of 2 years, renewable thereafter.
In 2022, she called on EU governments to discontinue citizenship-by-investment programs. Although they are different from golden visas, which offer permanent residency rather than citizenship, the call was part of an initiative to crack down on this industry, which was generating billions of euros for the countries applying it.
Ireland and Portugal announce decision to end "golden visas
Increasingly frowned upon by Brussels, the dozen or so European Union member states that used to exchange the granting of fixed-term residence permits or passports to a minority of their citizens for investment are, one by one, ceasing their activities.
Only two countries remain, the island of Malta and theAustriaThese can meet the expectations of wealthy foreigners who want to benefit from tax breaks and a precious sesame to move freely within the Schengen area. This situation is all the more problematic given the current international context and the restrictions imposed.
Consequences outside Europe too: Europe ends visa exemption for travelers with Vanuatu passports. Since the suspension of the visa waiver in 2022, travelers with a Vanuatu passport have been required to obtain a visa to travel to Europe, even for short stays. Prior to this suspension, Vanuatu passport holders had enjoyed visa-free access to all Schengen countries since 2015. One of the reasons for the suspension of the visa waiver was the programs enabling third-country citizens to obtain Vanuatu citizenship.. French, Belgian and Swiss nationals still do not need a visa to visit Vanuatu. For the time being.
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