EU Court May End Malta's Controversial 'Golden Passport' Scheme

malta, europe - The European Court of Justice could put an end to Malta's 'golden passport' program, allowing wealthy individuals to buy citizenship in the EU country for hundreds of thousands of euros.

EU Court May End Malta's Controversial 'Golden Passport' Scheme

The European Court of Justice is expected to rule on Tuesday on Malta's 'golden passport' program, which allows individuals to obtain citizenship in exchange for a significant financial investment.

Controversial Citizenship Program

Malta requires applicants to make a minimum one-time investment of 600,000 euros, purchase or rent a property, donate 10,000 euros to a charity, and reside in the country for three years. Those investing 750,000 euros can acquire citizenship after just one year.

Benefits and Criticism

Buying a Maltese passport grants EU citizenship, offering advantages such as freedom to travel and work within the EU, voting rights, easy access to banking services, and visa-free travel to many non-EU countries. The European Commission has challenged Malta's program, urging the country to abolish it, following similar moves by Bulgaria and Cyprus. Meanwhile, Portugal, Spain, and Hungary still offer residency permits for a fee.

Global Impact

While the EU aims to end such schemes, former US President Trump recently revealed plans to introduce a 'golden passport' in the US, proposing a price tag of five million dollars for American citizenship.