Key Points
- The European Commission recommended that European Union member states suspend and repeal investor citizenship and visa schemes
Overview
The European Commission recommended that member states of the European Union (EU) immediately repeal any existing investor citizenship schemes. The Commission indicates that this action is intended to ensure that checks are put in place to address concerns posed by these residence schemes. Investor citizenship schemes allow foreign nationals from outside the EU to obtain residency in an EU country based on the investment. The conditions and requirements of these schemes vary by country.
What are the Changes?
The European Commission advised that the EU member states immediately suspend their investor residency visas and citizenship schemes. The Commission stated that this recommendation was made due to concerns over security risks involved with investor visa schemes.
Looking Ahead
The Commission stated that further steps might be taken depending on these visa-type risks. Continue to check the European Commission’s website for the latest updates and information.
Written by: Jessie Butchley, Global Immigration Writer, Envoy Global
Source: European Commission
