EU Parliament to restrict Residence and Citizenship by Investment Programmes

On March 9th, 2022, the European Parliament lawmakers voted in favor of calling on the European Commission to put forward a proposal to phase out all EU Residence by Investment and Citizenship by Investment programmes and provide transversal rules for residency by investment programs within the EU.

Sophia Helena in ‘t Veld’s was the Rapporteur – more information is available here.

The Parliament called for an immediate end to processing all Russian applicants of CBI/RBI programs. The focus on the topic has regained attention after the Russian invasion of Ukraine due to the Russian oligarch’s known penchant for such programs. Immigration professionals tend to disagree with the new draft law that aims for a complete ban.

Portugal has already put all Golden Visa applications from Russian citizens on hold as a precautionary measure to screen applicants.

We advise all potential applicants to prepare and file their applications as soon as possible to secure their rights under current legislation.

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