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    Cash For Citizenship, Golden Passport Schemes Revealed in 21 Countries

    Cash for Citizenship, Golden Passport Schemes Revealed in 21 Countries

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    A list of 21 'high risk' countries, including three European destinations operating a golden passport scheme has been released by the Organization for Economic Cooperation and Development; Malta, Monaco and Cyprus are included on the list for selling residency or citizenship.

    Malta, a member of the European Union has sold citizenship to more than 700 people, according to a report by the OECD. The Maltese government offers an "individual investor programme" which includes citizenship in return for a US$660,000 contribution to the country's development.

    Cyprus sells citizenship to people willing to invest US$2.68 million in property on the island.

    Caribbean islands, including Antigua, Barbuda, the Bahamas, Dominica, Grenada, St Lucia, St Kitts and Nevis are also included on the list compiled by the OECD.

    READ MORE: EU Calls for More Scrutiny by Members in Citizenship-for-Investment Scheme

    The OECD warns golden passports could be sold to dangerous criminals and countries including Bahrain, Colombia, Malaysia, Mauritius, Montserrat, Panama, Qatar, Seychelles, Turks and Caicos Islands, United Arab Emirates and Vanuatu are also included on the list.

    The think tank warns that the golden passports, or golden visas can be used to mislead the authorities about which tax jurisdiction applies to their income.

    In Britain, the Tier 1 Investment Visa allows individuals to apply for residency in exchange for US$1.15 million investment, suggesting citizenship is already marketed as a commodity.

    READ MORE: Britain Could Miss Out After Brexit as Portugal Offers Better 'Golden Visa' Deal

    Related:

    Seoul's New Visa Regime Looks to Cash In on Educated Chinese Tourists
    Britain Could Miss Out After Brexit as Portugal Offers Better 'Golden Visa' Deal
    Tags:
    visa applications, citizenship application, visa, European Union, Caribbean, Malta, Cyprus, Monaco
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