The European Commission has issued a recommendation calling on EU countries to immediately abolish all investor citizenship schemes and implement stringent reviews that will eliminate the risks of investor residence schemes..

Note that investor citizenship schemes allow a person to obtain an EU country passport based on a significant contribution or investment.. Investor residence schemes allow third-country nationals to obtain a residence permit in an EU country in exchange for a contribution or investment.

The Commission's recommendation today is part of Brussels' broader policy to take strong action on these schemes.. The current context of Russian aggression against Ukraine underscores these risks once again..

Some Russian or Belarusian citizens who have been sanctioned or who support the war in Ukraine have received EU citizenship or privileged access, including the right to free movement in the Schengen area, under these schemes.

To address these immediate risks, the European Commission has recommended that countries assess whether to revoke citizenship granted under the Golden Passport scheme to citizens of Russia or Belarus included in the EU sanctions list in connection with the war in Ukraine..

Residence permits issued under this scheme that are subject to sanctions must be immediately withdrawn after an individual assessment and in accordance with the principle of proportionality, fundamental rights and national legislation of the Member States. These measures should apply to citizens of Russia or Belarus providing significant support to the war in Ukraine.

" We believe that the sale of citizenship through Golden Passports is illegal under EU law and poses a serious risk to our security. It opens the door to corruption, money laundering and tax evasion.. All relevant EU Member States should immediately terminate their investor citizenship schemes. In addition, they must assess whether they should revoke all golden passports already issued to sanctioned individuals and other significant supporters of Putin's war,"

Interior Commissioner Ylva Johansson said: " We need strict checks to make sure this right is not abused." Golden residence permits issued to Russians and Belarusians under EU sanctions must be withdrawn. Now, in the face of war, more than ever, we must ensure that Russians and Belarusians under sanctions and those who support Putin's war of aggression cannot buy their way into the EU."

Today's recommendation highlights:.

Any EU country that still has investor citizenship schemes should end them immediately.. Such schemes are incompatible with the principle of sincere cooperation and with the concept of EU citizenship enshrined in the EU Treaties..

Relevant EU countries should conduct an assessment to determine whether citizenship previously granted to Russian or Belarusian citizens who are sanctioned or who provide significant support to the war in Ukraine should be revoked. In carrying out the assessment, the Member States concerned must take into account the principles set by the Court of Justice of the European Union in relation to the loss of EU citizenship.

EU countries should take all necessary measures to ensure that investor residence schemes do not pose security risks, money laundering, tax evasion and corruption.

Suspend the issuance of residence permits under investor residence schemes to all citizens of Russia and Belarus.

[see_also ids\u003d"

Note that in 2021, Cyprus revoked the citizenship of 45 foreign investors and relatives who received Cypriot passports under the citizenship by investment scheme, which collapsed in 2020 due to allegations of corruption..

The report found that 53 percent of the 6,779 passports issued under the scheme were illegally issued, pointing to a lack of due diligence and insufficient background checks..

The Mediterranean island abandoned the passport scheme last November after Al Jazeera aired a documentary in which reporters pose as fixers for a fictitious Chinese businessman seeking a Cypriot passport despite having a criminal record..

Speaker of Parliament Demetris Sylloris and an opposition MP were secretly filmed, allegedly trying to facilitate the process.

They later resigned, although both maintained their innocence..