Dutch MEP Sophie in Veld (D66) wants a European ban on so-called ‘golden passports’. She believes that wealthy Russian oligarchs or other rich individuals should no longer be able to buy an EU passport, as has happened in recent years in countries such as Cyprus and Malta. Last year, Brussels already urged those countries to stop this practice.
In ’t Veld commissioned a study on this ‘reward’ for large ‘investments’ on behalf of the European Parliament. According to In ’t Veld, EU-wide legislation is necessary to curb the practices involving golden passports. “The EU countries involved earn a little money from it, while the rest of Europe is left to deal with the consequences: illicit money and crime.”
The report will be voted on Tuesday in the European Parliament, but In ’t Veld expects a large majority in favor of her proposal to completely stop the issuance of golden visas and passports to Russian oligarchs.
“The sale of residence permits and passports has long been an eyesore to me. In recent years, awareness of this problem has grown considerably, but now we are really moving at full speed. Russian oligarchs who buy influence and privileges have turned from a latent risk into an acute risk.”
It is EU countries that sell their citizenship and residence permits. But this also comes with the right to travel anywhere in the EU and Schengen area and to conduct business activities. That EU component is the great attraction. Yet there are no European standards for the issuance of documents that grant the holder these European rights.
“Let's be honest; there is no Russian oligarch or Saudi oil prince who has dreamed their whole life, for example, of Maltese citizenship. What they want is that EU status. So it is only natural to address this at the European level.”
In ’t Veld points out that the entire EU must bear significant risks in exchange for very short-lived financial benefits for the member states that sell these statuses:
“National governments sit on the edge of their seats when it comes to their powers over passports and visas. Especially now that Russia is waging war in Europe, we cannot have any doubts about EU countries where some oligarch has bought in.”