Rich: greedy for second passports and residence permits

Two billion US dollars are to be spent annually by the rich for this purpose

While the walls in front of "Economic refugees" For a lot of money, many countries lure the rich with offers to buy a permanent residence permit or even a single passport in exchange for investments or the purchase of real estate. Greece, a country in dire straits, is already offering a minimum price of 250 euros for the purchase of a property.000 euros for a residence permit for the buyer and his family in Greece. The lure of this business model is that the buyers can travel to all other EU countries without visas. A work permit is not connected with it. Interest, according to the Greek Ministry of Interior, came mainly from people from China, Russia and Arab countries.

Thus, Greece has undercut Cyprus, where you can only buy a 300.000 euros to obtain a permanent residence permit. Here, too, the focus is on Russians and Chinese. If you want a Cypriot passport and citizenship, you have to set up a company in Cyprus and have a turnover of more than 10 million euros a year. Cyprus advertises that it has one of the lowest tax rates in the EU, but as an EU member is a door opener to other EU countries. Very rich people (HNWI) are also attractive, who can buy a Cypriot citizenship with an investment of at least 15 million euros.

Other EU countries are also courting the rich (who can offer less for a residence permit in the EU??). A low-cost provider is Malta, which since January has offered citizenship for 650 euros.000 Euro, woman or man costs additional 25 Euro.000 euros, children under 18 years also, over 18 years 50.000. Since there was criticism against this, additional requirements were introduced. At least 350.000 must be invested in real estate, but you can also buy an apartment for an annual rent of 16.000 euros. In addition, for 150.000 Euro government bonds are bought. There will also be hefty fees for applications, passports, etc. charged. With the income received by Malta, the new citizens are free to travel and settle in the EU. Allegedly 200 people have bought Malta citizenship so far. It is even cheaper in Bulgaria. With an investment of more than 500.000 euros you can get a visa with an identity card for one year, which can be renewed at any time, and then after 5 years you can get a permanent residence permit.

Great Britain offers in a visa program for investors after five years a permanent residence permit for an investment of one million pounds. However, this is only valid for one year and can be extended at any time. After 6 years you can try to acquire citizenship. However, one must live 50 percent of the time in gross Britain. Those who are in a hurry can buy a 3-year residence permit for 2 million pounds of investment, which can then be applied for as in the first case. If you want to get a permanent residence permit after only three years, you have to pay 5 million, for 10 million you only have to wait two years. Half of these investor visas go to Russians and Chinese.

According to a report in the New York Times, shopping for residence permits and additional passports is common practice among the rich. People buy personal protection in order to be able to save themselves and their assets when economic crises, unrest or wars break out in their countries of origin, or when they have to flee from their own governments. This "Wirtschaftsburger" According to treasures, in contrast to the economic refugees, they spend two billion US dollars a year to acquire a safe foothold in the EU, the USA, Canada or Australia. Thus the NYT quotes Christian H. Kalin from the Henley company Partners in London, which offers its services for the acquisition of a second citizenship, that for security reasons the rich diversify not only their investments, but also their places of residence: "Why not have a portfolio of fits as well?"

The freedom for the rich, who certainly did not always get their wealth with clean hands or without corruption, strengthens the country’s revenues and attracts more investments, but at times when the countries are at the same time closing the doors to other refugees, even if they want to save themselves from war zones, this is not the case. For David Metcalf, chairman of the British government’s Migration Advisory Committee, it is by no means certain that British burghers get anything out of buying rich: "These programs bring huge advantages to the Russian oligarchs or the Chinese, who benefit from the power of the law, good education and robust capital markets. But the basic question is, what does everyone else get out of it?." And since the rich also benefit from European freedom of movement by acquiring a permanent residence permit or citizenship, the citizens of each other’s countries may naturally wonder what they get out of the programs in Greece, Cyprus, Malta, Spain, Portugal or Great Britain, which are now also in competition for location in the sale of passports and residence permits.

In January, the EU Parliament adopted a resolution condemning the sale of residence permits and citizenship. This undermined mutual trust, opened the door to money laundering and contributed to discrimination because it was only possible for the rich. The EU Commission was asked to examine these programs and to do something against this sell-out. In fact, the EU Commission had opposed the small Malta, which, however, as said, did not abolish the program, but only increased the price. In January 2014, Viviane Reding, then EU Justice Commissioner, had said with regard to Malta: "The state citizenship may not be sold." It pointed out that the right to bail-in is the right of every state, but it also affects all others. It remained with the concession of Malta.

Interestingly, Canada ended such an investor program in 2012. Until then, people who could prove a fortune of more than 1.6 million US dollars could obtain a residence permit and, in the course of this, citizenship, if they gave the government a credit of 800 US dollars.000 US dollars, which had to be repaid within 5 years. Since 1986, 130.000 people took advantage of the program. However, according to the government, it did not help to attract rich entrepreneurs or investors who were beneficial to the economy.

Leave a Reply

Your email address will not be published.