The flow of dirty money that happens through EU Golden visa has led to a call, from a panel of European MPs, that the scheme is scrapped.
This is not the first time that European legislators would call for an end to this visa; hence another row has been sparked between the legislators and the group of advisors who help wealthy individuals get this visa.
In recent times, Europe has faced several money laundering scandals including Malta, Denmark, and Estonia, among others.
Golden visa refers to citizenship by investment, that is high net worth individuals who can meet a set investment target are granted citizenship. Late last week, the Investment Migration Council (IMC) revealed that the scheme has helped Europe achieve significant investment, job creation and ultimately development across the society. They said this in response to the cancellation call.
IMC also frowned at suggestions or reports that the UK, Portugal, Malta, and Spain have allowed holders of such funds to take them abroad as well as circumventing money laundering laws.
The Special Committee on Financial Crimes, Tax Evasion and Tax Avoidance, known as TAX3 submitted a report on how to deal with financial crimes and European MPs would vote concerning the report come March ending.
Speaking ahead of the March vote, IMC has called upon all MEPs to take into account what shutting Golden visa will do to all European member states. Instead, they want MEPs to work towards the achievement of better regulation as well as higher industry standard and awareness that will see the threats posed by the program neutralized.
IMC stated that it shares the concerns of the legislators concerning the scheme and is hence continually committed to improving the process to phase out illegal activities around the scheme instead of the scheme itself because of its enormous benefits to the region.
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