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Thursday April 18, 2024

EU takes legal action against ‘golden passport’ schemes in Cyprus, Malta

By Newsdesk
October 21, 2020

BRUSSELS: The European Union’s executive said on Tuesday it was launching legal action against Cyprus and Malta over their investor citizenship programmes, also known as “golden passport” schemes. The schemes allow wealthy foreigners to buy citizenship in exchange for an investment of around 1 million euros ($1.2 million) in Malta and 2 million euros in Cyprus.