Malta’s debated ‘Citizen by Investment’ program, which lets foreigners acquire EU citizenship by investing at least €690,000, may receive legal protection based on an opinion issued for the EU’s highest court on Friday. The non-binding report from Advocate General Anthony Collins stated that granting citizenship is a power reserved for EU member states, addressing European Commission worries about compromising the EU’s integrity.
The European Union’s law does not prevent Malta from offering citizenship to wealthy foreign investors, an adviser at the bloc’s highest court said. This ruling could have significant implications for similar golden visa programs across Europe.
Anthony Collins, an advocate general at the EU’s Court of Justice, stated that the EU’s executive branch wrongly challenged Malta’s cash-for-citizenship program. He noted that the European Commission did not adequately demonstrate that EU law requires applicants to have genuine connections with a member state. Collins emphasized that individual EU countries have the right to decide who qualifies for their nationality and, consequently, EU citizenship. His opinion will influence the final decision of the Luxembourg-based court, expected in a few months.
A spokesperson for the European Commission acknowledged Collins’ opinion and indicated that the commission would await the court’s final ruling.
Malta’s investor citizenship program allows individuals to gain citizenship by making a minimum donation of €600,000 (approximately $661,590). Applicants are also required to invest in real estate and are encouraged to make additional voluntary contributions. Holding a Maltese passport provides individuals with the ability to live and work anywhere within the 27-member EU bloc.
Malta is among a few European nations that have introduced golden visa and passport programs in recent years, initially gaining traction during the European debt crisis when countries began selling residency to attract foreign investment. Countries like Portugal, Ireland, Greece, and Hungary have launched similar initiatives, allowing wealthy individuals to enjoy the advantages of EU freedom of movement.
However, these programs have drawn criticism from the European Commission, which argues that cash-for-citizenship policies can lead to money laundering and security risks. In September 2022, the Brussels-based regulator took legal action against Malta’s program, asserting that “granting EU citizenship in return for pre-determined payments” is inconsistent with the principle of sincere cooperation embedded in EU regulations.
This legal challenge followed a European Parliament report that revealed the investment migration industry had generated over €21 billion for participating countries from 2011 to 2019.
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Publish date : 2024-10-07 01:47:00
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