Cyprus and Malta Warned by EU Over Passports for Sale
(Bloomberg) -- Cyprus and Malta were warned again by the European Commission to stop so-called ‘golden passport’ programs that grant European Union citizenship to investors.
While Cyprus stopped taking new applications on Nov. 1, it’s still processing older ones, the EU said. Malta ended one investor-citizenship program and started a new one at the end of 2020, it said.
EU warnings can be followed up with a lawsuit at the European Court of Justice that can lead to fines and an order to change a national law.
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