Watch: EU urges crackdown on 'golden visas and passports'
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The European Union urged member countries on Wednesday to crack down on schemes granting «golden visas and passports» to foreign investors, warning they can bring corruption and money laundering in their wake. The European Commission, the EU execuWatch: EU urges crackdown on 'golden visas and passports'
The European Union urged member countries on Wednesday to crack down on schemes granting «golden visas and passports» to foreign investors, warning they can bring corruption and money laundering in their wake. The European Commission, the EU executive, published a report urging members to curb the practice of giving foreigners -- often Chinese, Russians and Americans -- residency or citizenship in return for investment. «We speak about opening (a) golden gate to Europe for some privileged people who have the money to pay for citizenship or residence,» EU justice commissioner Vera Jourova said at the report's publication. «We are looking at it with concern,» Jourova told a news conference in Brussels. The commissioner said investor residence and citizens schemes, known as «golden visas and golden passports,» should not be a weak link in EU efforts to curb corruption and money laundering. The report said wealthy candidates for residency or citizenship do face insufficient security and background checks to prevent them from posing a security risk, laundering money or evading taxes. EU countries set conditions for granting and withdrawing nationality but must do so with respect... Read more