• Privacy policy
  • T&C’s
  • About Us
    • FAQ
    • Meet the Team
  • Contact us
TLE ONLINE SHOP!
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
No Result
View All Result
Home Business and Economics Business

UK one of the top EU member states selling Golden Visas to the super-rich

Britain is one of the top EU member states opening its doors to criminals via Golden Visa schemes that allow corrupt individuals to gain residency-by-investment. A report released today by Transparency International and Global Witness has revealed at least six thousand passports and nearly 100,000 residency permits have been sold in the EU in the […]

Jack Peat by Jack Peat
2018-10-10 09:35
in Business, News, Politics
FacebookTwitterLinkedinEmailWhatsapp

Britain is one of the top EU member states opening its doors to criminals via Golden Visa schemes that allow corrupt individuals to gain residency-by-investment.

A report released today by Transparency International and Global Witness has revealed at least six thousand passports and nearly 100,000 residency permits have been sold in the EU in the last decade.

Spain, Hungary, Latvia, Portugal and the United Kingdom have granted the highest numbers of these – with over 10,000 each.

Golden Visa schemes in all member states have generated around €25 billion in foreign direct investment in the past decade.

Cyprus has raised €4.8 billion since 2013, while Malta has brought in about €718 million since opening a scheme in 2014. Cyprus, Portugal, Spain and the UK appear to earn between half a billion and close to a billion Euros per year.

TLE Property

Despite the large amounts of money involved, Cyprus and Portugal do not seem to question applicants’ source of wealth. In Malta, applicants who have criminal records or are under investigation can still be considered eligible in “special circumstances”. In Hungary, Latvia and the UK, the success rates of applicants have been as high as 90 per cent, raising doubts about how selective the checks on applicants are in some Member States.

RelatedPosts

Labor win presents ‘great opportunity’ in fight to free Julian Assange

‘A rare Murdoch defeat’: Reaction as Scott Morrison accepts defeat in Australian elections

Trooping the Colour: ‘Multiple injuries’ reported as stand COLLAPSES

Labor topples Conservatives in Australia as Scott Morrison suffers defeat

Naomi Hirst, a Senior Campaigner at Global Witness, said: “If you have a lot of money that you acquired through dubious means, securing a new place to call home far away from the place you stole from isn’t just appealing, it’s sensible.

“Golden Visa schemes offer a safe haven from authorities who might be looking to seize your stolen assets, and the freedom to travel without raising suspicion.

“Given these inherent risks, these schemes must have the highest standards of due diligence checks, so that countries know who they are welcoming in and where their money came from. Unfortunately, that is not what we are seeing.

“This approach exposes countries to corrupt individuals, and risks the corruption of the state itself as profit-hungry governments disregard the dangers and enter into a race to the bottom.”

The report comes just weeks after police in Finland raided a real-estate agency at the centre of a suspected €10 million money-laundering operation, controlled by a Russian businessperson who reportedly purchased Maltese citizenship.

Laure Brillaud, Anti-Money Laundering Policy Officer at Transparency International EU and a co-author of the report said: “Poorly managed schemes allow corrupt individuals to work and travel unhindered throughout the EU and undermine our collective security. It is for this reason that EU-wide action is urgently required.

“Brussels needs to define standards for these programmes and ensure that they are adhered to in all Member States offering citizenship and residence permits for investment.”

RELATED 

Free-to-view film exposes London as money laundering capital of the world

Tags: headline

Since you are here

Since you are here, we wanted to ask for your help.

Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.

Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.

If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.

To donate or subscribe to The London Economic, click here.

The TLE shop is also now open, with all profits going to supporting our work.

The shop can be found here.

You can also SUBSCRIBE TO OUR NEWSLETTER .

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending on TLE

  • All
  • trending
Abdollah

‘Rescue us’: Afghan teacher begs UK to help him escape Taliban

CHOMSKY: “If Corbyn had been elected, Britain would be pursuing a much more sane course”

What If We Got Rid Of Prisons?

More from TLE

Pacer trains demonstrate how neglected the north really is by Westminster

England Cricketer James Taylor Forced To Retire At 26

Donald Trump’s impeachment legal team includes lawyer for Epstein, Weinstein and OJ Simpson

Numbers heading ‘in wrong direction’ as centralised Test & Trace called into question

Newcastle United owner Mike Ashley’s firm sacks senior management at House of Fraser

A quick stop guide to Cambodia.

Cam the Man?

British Airways owner lodges complaint with EU over Flybe rescue deal

‘Absolutely disgusting:’ Student fears she was injected with needle as spiking reports rise

Brexpats ask people to ‘stand up for them and defend them’

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Meet the Team
    • Privacy policy
  • Contact us

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.